Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches

Nigerian Banks Still Distributing Old Naira Banknotes as Demonetization Date Approaches


With just a few days left before old Nigerian naira banknotes are removed from circulation, some banks have accused the Central Bank of Nigeria of failing to distribute enough new banknotes. Despite growing pressure for it to extend the period for returning the old notes, the central bank insists the Jan. 31 deadline still stands.

Less Than 40% of ATMs Are Dispensing New Banknotes

As the Central Bank of Nigeria (CBN)’s Jan. 31 deadline for returning the old naira banknotes approaches, banks in several Nigerian states are still distributing the soon-to-be demonetized banknotes, a report has said. In addition, fewer automated teller machines (ATMs) — less than 40% according to an investigation by the Guardian — were reportedly dispensing new banknotes.

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According to the Guardian

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