Redesigned Naira: Gov Buni Seeks Extension Of January 31 Deadline

Yobe State Governor, Mai Mala Buni, has appealed to the Central Bank of Nigeria to extend the January 31 deadline for the phasing out of the old notes.

Since the apex bank announced the new N200, N500, and N1,000 denominations on October 26, 2022, the CBN has insisted that the deadline will not be extended.

READ ALSO: Naira Redesign: Consider Poorest Households, Governors Tell CBN

The newly designed notes were later unveiled by President Muhammadu Buhari on November 23 last year.

The CBN also announced new cash withdrawal limits for individuals and corporate entities, which it later increased to N500,000 and N5 million, respectively.

But Buni urged the apex bank to give a special concession and alternatives to Yobe residents for the change of the naira notes.

Speaking through his spokesman in a press conference on Sunday, Mamman Mohammed, the governor said the appeal is necessary due to the lack of banking services in most parts of the state.

He explained that only four out of the 17 local government areas in the state have banks, making it difficult for people in the remaining 13 local government areas to access banking services.

“Some of the banks with branches in the local government areas closed the branches at the peak of the Boko Haram security challenge but are yet to reopen in spite of the improved security in the state,” he stated.

“The CBN should be considerate to provide special services to such areas with special needs to avoid making them victims and losing their money.

“The CBN and commercial banks should as a matter of urgent public interests deploy alternative services at their disposal to salvage the situation.”

According to the governor, CBN should also ensure commercial banks open branches in the local government council headquarters now that there is improved peace and security across the state.

Buni said the improved security in Yobe and the North-East generally makes it conducive for the banks to resume operations and open new branches in the local government council headquarters and other towns.

He further expressed fears that until something urgent is done, many people may fall victims of failing to change to the new notes.