CBN governor Godwin Emefiele in a statement said the new deadline is February 10, 2023. Emefiele made the announcement after meeting President Muhammadu Buhari who is on a working visit to Katsina State.
President Muhammadu Buhari backed the CBN’s plan to phase out the current 200, 500, and 1000 naira notes by January 31. The Presidency in a statement said Buhari insisted that the policy is “aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding. “This, he assured, will stabilize and strengthen the economy.
Kano State governor Abdullahi Ganduje for the same reason told President Muhammadu Buhari to postpone his visit to the state as he is “deeply concerned” about the hardship it is causing locals.
Senate during the plenary urged by the CBN to extend the deadline to July 31, citing fears that millions of Nigeria’s unbanked and rural dwellers may be hard done by if the initial date remains.