Ahead of the January 31 deadline set by the Central Bank of Nigeria for the phasing out of the old N1,000, N500 and N200 notes, some mega-churches, schools and retailers have set time limits for the collection of the old currencies.
This came as the lingering shortage of old naira notes forced several commercial banks to shut their Automated Teller Machines in Lagos, Abuja and other states across the country.
A leading Pentecostal church, Deeper Christian Life Ministry, in a memo directed its church leaders to stop the collection of the old naira notes on January 29, 2023, about two days before the January 31 deadline set by the CBN. Also, it further gathered that some provinces of the Redeemed Christian Church of God, had directed members to deposit old notes in their banks by January 26, about five days ahead of the CBN deadline.
Reacting to the development, a spokesman for the RCCG, Pastor Olaitan Olubiyi, said, “There is no official postponement regarding the use of new naira note. People should do what the government wants them to do. They should enable to take their old notes to the bank. We believe God will help the central bank because the new notes are not circulating outside but anything is possible before the January 31 deadline.
As a result, they have sent notices to parents advising them to deposit only the new notes in any cash transaction with their school. The notice read in part, “Please be informed in compliance with the CBN directive, the school will on Thursday, January 26th stop the collection of the old N200, N500 and N1,000 notes. Cash payments to the school beyond this date should be done only with the new notes. Thank you for your understanding and cooperation.”
The National President of the Nigerian Labour Congress, Ayuba Wabba, on Thursday said the organised labour had written to the President, Major General Muhammadu Buhari, and the CBN Governor, Godwin Emefiele, demanding a review of the policy and an extension of the deadline.
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