Deadline for Returning Soon-to-Be Demonetized Naira Banknotes Flexed in Nigeria

Welcome, to the ever flexible and dynamic landscape of Nigerian fiscal policy. On Wednesday, the Central Bank of Nigeria (CBN) announced a six-month extension to the deadline for returning soon-to-be demonetized naira banknotes.

Naira Banknotes Becoming Obsolete In Nigeria

The naira banknotes in question, which presently bear denominations of N5, N10, N20, and N50, are set to become demonetized by the 31st of December 2020, with the CBN introducing their much-awaited new banknotes in 2021.

deadline extension

This decision will come as sweet relief to an estimated 4.4 million Nigerians who will now have until the 31st of June 2021 to return these notes to CBN outlets in exchange for the new banknotes.

Accessible All Over The Country

If you’re wondering where to get your hands on the CBN outlets, don’t worry, they’re everywhere! Sure, they may not have the same flashy descriptions as some other places (especially retail stores). But on the bright side, they do offer a lot of convenience.

Easy & Hassle Free

Moreover, the process for exchanging these notes is hassle-free and a breeze. All you need to do is take these notes to any of the CBN outlets and get them exchanged for the newly issued banknotes.

Dare To Dream

In a nutshell, the CBN is making it easier for us to bring our dreams of prosperity closer to us. And that’s why we should all be applauding the CBN for extending the deadline for returning soon-to-be demonetized naira banknotes. From all of us here, we say thank you!

Final Word

Thanks to the CBN, you’ve now got six extra months to get your hands on new naira banknotes and make the most of it. So, go grab your cash and head to the nearest CBN outlet! What are you waiting for anyway?

In addition to being flexible, the CBN is also pretty awesome.

So, do remember to follow the advice from the CBN and make the most of this opportunity!