The Central Bank of Nigeria, CBN, has warned Nigerians that it will not renege on its decision to phase out the old naira notes and has therefore began its countdown to the 31st of Jan 2023.

The CBN, via a text message sent to Nigerians and bank customers, re-echoed its resolve to end the circulation of old naira notes on January 31, 2023, expressly warning Nigerians not to wait till the announced date before depositing old N200, N500 and N1000 naira notes in the banks rather to make hay while the sun shines.

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As a reminder to Nigerians, CBN has constructed a clock on its website to show their seriousness about phasing out of old naira notes on the said date. The apex bank also enjoined Nigerians via the text message to visit their website for updates concerning the old naira notes.

Though the CBN has urged banks to stop hoarding the new naira notes and start loading it into their ATM machines, Nigerians are wondering how long it will take for the new notes to go round. Some are even asking if the CBN has produced enough new notes that can circulate the entire country.

Our reporter visited ATM machines and noticed that as at 17th of Jan 2023, banks around the Isolo, Ajao estate and a few other banks at Oshodi still dispense old notes to customers who use their ATM machines.

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However, it is hoped that the CBN, will perform some form of miracle to ensure that the new notes starts getting to the end users so that they can indeed believe that the CBN is not targeting the common man with its policies.

Recall that President Muhammadu Buhari on November 23, 2022, launched the CBN redesigned notes of N200, N500, and N1000 while the new currency notes started circulating on December 15, 2022.