In a bid to sanitize the flow of currency in the economy, the Federal Government gave approval to the Central Bank of Nigeria (CBN) to redesign 200 500 and 1,000 naira denominations.
The new naira notes were launched and exchange of the old for the new ones commenced in October 2022.
The deadline for the currency exchange was fixed for January 31, 2023. As at the time of filing this report, many people are still coming that the new notes were not readily available at the commercial banks.
As more people now canvas for possible extension of the deadline, President Muhammadu Buhari stated in an interview that there is no going back on the Federal Government’s decision to end the currency exchange on January 31.
