Naira Swap: CBN Portal For Old Notes Still Open Business
The old N500 and N1,000 notes had ceased to be legal tender since February 10, and has been rejected by traders after President Muhamadu Buhari’s address on February 15, 2023.
The President had extended the deadline for the old N200 notes till April 10, 2023 to ease the cash crunch in the economy. Having declared that the old N500 and N1,000 notes are no longer legal tender, he had directed that the old N200 notes be released back into circulation. This had eased up the cash crunch that saw many Nigerians paying more than 30 per cent charges to access cash.
Although the CBN governor, Godwin Emefiele had warned against excessive charges as many banks begun paying out cash in the old N200 notes, some banking agents are yet to comply as some still charge between 20 to 30 per cent for cash withdrawals.Meanwhile, the queues for depositing old notes in the banking halls has abated despite the the portal remaining open.
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