Nigerians Respond to New CBN Deadline

Mixed reactions have delayed the extension of the deadline for collecting old naira notes by the Central Bank of Nigeria (CBN) by 10 days.

Speaking in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Sunday, some Nigerians praised the CBN for the extension, while others said it could also lead to a situation where government policies may not be taken seriously in the future .

They say the extension is a good decision as it will allow some Nigerians, who have yet to deposit their old naira notes, to do so.

CBN Governor Godwin Emefiele said the top bank sought and got the approval of President Muhammadu Buhari to extend the deadline to February 10.

The governor said that apart from those who have illicit/stolen money in their homes for speculative purposes, the purpose of the extension was to allow Nigerians who have legitimately earned and trapped naira to use their legitimate assets. to deposit the tricked money into the CBN for exchange.

CBN had previously given January 31 as a deadline for people to deposit the old notes they own with banks.

Mr. Ukaegbu Ndukwe, a software programmer, said the 10-day extension would give the masses a few days to return old banknotes in their possession to the bank.

“The date is fair as long as it is not extended to the election date as it may affect the free and fair election process in terms of vote buying.

“Most of the people who are clamoring for this extension may have old naira notes in their possession and may want to deliberately use these notes to buy votes,” he said.

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Mr. Michael Akpan, a businessman, said he did not expect the top bank to succumb to pressure from politicians to extend the January 31 deadline.

“I will say it’s okay since it’s not after the election, but the government needs to learn to keep its word,” he said.
Ms. Obot Ntuen, a high school teacher in Okota, told NAN she was not happy with the extension.

“I am not happy with the extension because Nigerians do not take policy makers and government seriously and do not abide by the law.

“Besides there being a good reason for the extension, policymakers must learn to be firm in their policy making.

“It should not be expanded further to avoid lawlessness,” Ntuen said.

The Center for the Promotion of Private Business (CPPE), Dr Muda Yusuf, said: “The Center felt that 10 days is simply insufficient to make up for the blatant shortcomings of the top bank in this process.”
prof. Ndubisi Nwokoma, director of the Center for Economic Policy Analysis and Research (CEPAR), University of Lagos, urged the top bank not to extend the deadline beyond February 10.

“Ideally, there would have been no need to extend the deadline of the old currency beyond January 31, were it not for the CBN’s lax attitude in implementing the change since October 2022.

“It was wrong to pay with the old banknotes through the ATMs even in recent weeks.

“Why would people pay their old banknotes to the banks and then spend the same old banknotes again through the ATMs.

“However, the extension allows the CBN to correct its errors and thus instruct the depository banks to issue only the new notes from now on.

“There should be no further extensions beyond February 10 under any circumstances, to assuage many fears that any extensions could encourage vote-buying in the upcoming general elections in February and March,” Ndubisi said.

(NAN)