Fun

Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

News Feed - 2023-02-01 04:02:47

Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes


After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says Currency Swapping Exercise Has Been a Success


The Central Bank of Nigeria (CBN) recently said it had extended the deadline for returning the old naira banknotes by ten more days. In his Jan. 29 press statement, CBN governor Godwin Emefiele said while the exercise has been a success, shifting the deadline date from Jan. 31 to Feb. 10 helps the bank achieve success in rural communities.


The announcement follows weeks of pleas by residents who wanted to be granted more time to return the soon-to-be demonetized naira banknotes. The announcement of the extension also came just a few days after a Bitcoin.com News report suggested that some Nigerian banks were still distributing the old notes.


To ensure the CBN’s objectives are achieved before the old banknotes are removed from circulation, Emefiele said the central bank’s staff along with their counterparts from the Economic and Financial Crimes Commission (EFCC) were mobilizing and monitoring the process. In addition, the governor said some 30,000 so-called super agents had been deployed nationwide to help with the cash-swapping process in regions underserved by banks.


CBN Targets Rural Communities


Commenting on the central bank’s success so far, Emefiele said: We are happy that so far, the exercise has achieved a success rate of over 75% of the N2.7 trillion [$5.86 billion] held outside the banking system.


The governor also said it aimed to give residents with genuinely earned money an opportunity to deposit their legitimately trapped monies at the CBN for exchange.


Meanwhile, in his statement, Emefiele, who has been accused of funding terrorists, insisted the central bank’s goal is not only to enhance the effectiveness of its monetary policy but to aid Nigerian security agencies in their fight against bandits and kidnappers. By demonetizing the old banknotes, the CBN will be sticking to its mandate of redesigning its currency every five to eight years, Emefiele added.


Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story cbn, Economic and Financial Crimes Commission (EFCC), Godwin Emefiele, naira redesign, Nigerian banking system, Terrorist Funding


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill AFRICA | 6 days ago New South African Code Says Crypto Asset Ads Must Include Capital Loss Warning AFRICA | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndia Highlights Need for ‘Common Approach to Regulating Crypto Ecosystem’ Show comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

Visa Terminates Agreements With Bankrupt Crypto Exchange FTX
Visa Terminates Agreements With Bankrupt Crypto Exchange FTX Visa has reportedly terminated its global agreements with collapsed cryptocurrency exchange FTX and its U.S. arm, FTX U
EU to Launch Comprehensive Crypto Regulation by 2024: Report
EU to Launch Comprehensive Crypto Regulation by 2024: ReportThe European Union is planning to implement comprehensive cryptocurrency regulation by 2024, two EU reports have reported
Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account
Nigeria Protest Group Asks for Bitcoin Donations After Regulators Block Bank Account A Nigerian protest group called Feminist Coalition is asking well-wishers to
Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case
Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces four more charges after a new
Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3
Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3 Square Inc. has reported bitcoin revenue of $1.82 billion in the third quarter, an 11% increa
Ethereum Accumulation Is Almost Over – Breakout Above $2,200 Could Trigger Expansion Phase
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin ETF activity to remain robust until the halving: Santiment
Martin Young3 hours agoBitcoin ETF activity to remain robust until the halving: SantimentIt is a “likely foregone conclusion” that high Bitcoin ETF activity will continue leading up to the halving, said Santiment.179
Rich Dad Poor Dad’s Robert Kiyosaki Sees ‘Very Bright’ Future for Bitcoin, Plans to Buy More BTC After Next Pullback
Rich Dad Poor Dad"s Robert Kiyosaki Sees "Very Bright" Future for Bitcoin, Plans to Buy More BTC After Next Pullback Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad,
Bitcoin’s Mining Difficulty Shrinks for the First Time in 4 Weeks
Bitcoin"s Mining Difficulty Shrinks for the First Time in 4 Weeks Bitcoin miners caught a small break late Sunday evening (ET) after the network’s mining difficulty dropped
Bitcoin 4H Chart Shows Bullish Consolidation – Classic Continuation?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Pnetwork Protocol Gets Hacked, Loses 277 Bitcoin on Binance Smart Chain
Pnetwork Protocol Gets Hacked, Loses 277 Bitcoin on Binance Smart Chain Pnetwork, a multi-chain bridging protocol, announced it was hacked yesterday, losing 277 pbtc (its bridged v
Gareth Jenkinson12 hours agoBitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunitiesCanaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price pa