CBN Central Bank of Nigeria

The Nigerian Bar Association (NBA) Saturday called for a review of the Central Bank of Nigeria’s (CBN) demonetisation policy, adding that the law allows Nigerians to demand CBN to redeem old notes after the January 31 deadline according to

The position of the NBA was contained in a letter signed by the NBA President, Yakubu Maikyau (SAN) and addressed to the CBN Governor, Mr. Godwin Emefiele.The demonetisation policy of the Central Bank of Nigeria (CBN) directs that the old naira notes (N200, N500 and N1000) will cease to be legal tender in Nigeria from February 1, 2023.

According to a statement issued by the Bar’s National Publicity Secretary, Akorede Lawal: “The NBA President acknowledged that the policy is laudable as it has the potential to stem corruption, vote buying and other criminal activities.“The necessary logistical, infrastructural and manpower support, required for the successful implementation of the policy are in short supply and should be greatly improved upon if they are to be leveraged for full implementation of the policy with minimal loss or economic hardship.”

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