Open letter to CBN governor

With respect and a deep sense of humility, I write to draw the attention of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the old naira notes expiration deadline, which is on January 31, 2023.   Sir, many of the bank customers decry the scarcity of the new notes despite the […]

With respect and a deep sense of humility, I write to draw the attention of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the old naira notes expiration deadline, which is on January 31, 2023.  

Sir, many of the bank customers decry the scarcity of the new notes despite the announcement of sanction against any commercial bank hoarding them. But obviously, it seems like the warning is not effective. 

Sir, I wish to remind you that the apex bank is giving N700 million weekly of the redesigned notes to branches nationally. This is a far cry from what they used to have. 

How could you expect the redesigned notes to be circulating in the country with this improper decision? Or how could the commercial banks be giving new notes to their customers in spite of the less availability of the redesigned notes from the same CBN? 

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I would therefore like to urge the CBN governor to look into the possibility of extending the deadline with a more appropriate one or revising the volume of the redesigned notes loaded into the Automated Teller Machines of the commercial banks throughout the country. 

A stitch in time saves nine! 

Mallam Musbahu Magayaki, Sabon Fegi, Azare,  Bauchi State