The Central Bank of Nigeria (CBN) revealed that there is no scarcity of new naira notes

This was disclosed by Godwin Emefiele, the CBN Governor represented by Musa Jimoh, Director of the Payment System Management Department of the bank, in Jos.

The Nigerian Senate urged the CBN to extend the deadline by 6 months but the CBN says there is no going back on its January 31st deadline.

Positive supply: The CBN said there is enough supply of the new notes to commercial bank ATMs, and urged banks to desist from keeping cash away.

”The CBN has massively supplied the new notes to commercial banks to dispense both at counters and ATMs.

”This is to enable quick circulation and we want to advise commercial banks to desist from keeping the cash away from the public or face the stiffer sanction.”

The CBN Governor also advised Nigerian to deposit old notes before the deadline, insisting that there is no going back. He also added that the decision to redesign the currency is in line with global standards, adding that they are to redesigned every 5 years but Nigeria took nine years since its last currency design.