CBN governor warns diasporans that the deadline to hand in their old naira notes will not be extended

CENTRAL Bank of Nigeria (CBN) officials have warned diasporans that there will be no extension of the date by which time they have to return their old naira notes and they have to hand ion such currency by January 31 like everybody else.

Yesterday in Abuja the CBN launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. According to President Muhammadu Buhari, the new naira banknotes have been fortified with fresh security features that make them difficult to counterfeit.

With the introduction of the new notes, Nigerians have until January 31 2023 to hand in their old notes but this mat create a problem for diasporans. Godwin Emefiele, the CBN governor, has warned, however, that there will be no special extension for diasporans and the bank will not delay the launch of the new banknotes just to allow Nigerians abroad to deposit the old naira in their possession.

Mr Emefiele said: “Let me crack a joke, if you are a diasporan Nigerian, you are not supposed to be spending naira. You cannot spend naira in the US or London, so you have no reason to keep naira.

"So we don’t have business with you. We would not wait for you to bring your naira. We would not change any deadline and what we have done is not against the law, it is in tandem with the law.”

He said he appreciated the Nigerian presidency, the Economic and Financial Crimes Commission and the Nigerian senate for the support they gave towards the redesign of the naira. Me Emefiele reiterated that the current currency would remain legal tender alongside the new notes until January 31, 2023.