Nigeria: CBN tells Nigerians in diaspora- We will not wait for you to bring your naira

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The Central Bank of Nigeria (CBN) has informed Nigerians in the diaspora that it will not wait for them to return their old N200, N500, and N1000 banknotes.

The CBN Governor Godwin Emefiele stated this during the 288th meeting of the Monetary Policy Committee (MPC) held earlier today in Abuja.

According to him, the apex bank will not delay the launch of the new banknotes just to allow Nigerians abroad to deposit the old naira in their possession. He said:

  • “Let me crack a joke; if you are in a diaspora Nigerian, you are not supposed to be spending naira. You can not spend naira in the US or London, so you have no reason to keep naira. So we don’t have business with you. We would not wait for you to bring your naira. we would not change any deadline; what we have done is not against the law. It is tandem with the law.”

Support for new banknotes: The CBN Governor appreciated the Nigerian presidency, the Economic and Financial Crimes Commission (EFCC) and the Nigerian senate for the support they gave towards the redesign of the naira.

He reiterated that the current currency would remain legal tender alongside the new Notes until January 31, 2023.

In case you missed it: The governor of Nigeria’s central bank, Godwin Emefiele, has announced that President Buhari will launch the new naira notes on the 23rd of November 2022.

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