Mixed Reactions Trail Old Naira Notes Deadline Extension in Lagos Mainland

Residents of Yaba, Lagos have expressed divergent views on the extension of the deadline for the validity of old Naira notes in business transactions nationwide.

The Central Bank of Nigeria had on 29th January, announced the extension of the deadline for the notes in the denominations of N200, N500, and N1,000 contrary to the January 31st deadline earlier announced.
The directive of CBN to banks to open for business on Saturday and Sunday afforded more people the opportunity to deposit old notes in banks across the country.

In some parts of Lagos Mainland, churches recorded low turnout of worshippers as many of them were at banks either to withdraw money through the ATM or deposit old notes to avoid liquidation.

However, when the announcement of the extension of the deadline for the use of the old notes was announced, it came as a respite to those still having them at hand while those that have deposited theirs and could not access new notes regretted their action.

A customer of Sterling Bank in Yaba, Kola Amure described the extension as an afterthought and unnecessary.

According to him, Nigerians have been subjected to unnecessary hardship over the matter, adding that the announcement of extension of date ought to have come before Sunday.

But Mrs. Felicia Fawole who hailed the extension, said it would reduce tension and afford the people the opportunity to deposit their old notes and have new ones to transact business.

YabaCity observed that some bank customers who were in queue when the extension was announced abandoned their eagerness to deposit the old notes and went home with them.

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