January 30, 2023

Old naira notes: S/East youths shelve protest, commend CBN

By Vincent Ujumadu

Awka- THE Coalition of South East Youth Leaders, COSEYL, has commended the Central Bank of Nigeria, CBN, for responding to the wish of Nigerians by extending the date for the return of the old naira notes to the banks, saying it had therefore shelved its planned protest against the apex bank.

President General of the group, Mr. Goodluck Ibem in a statement, however, urged Nigerians to utilize the 10 days extension to deposit all their old naira notes in their banks.

Ibem said: “COSEYL welcomes the 10 days extension given by the CBN for the deposit of the old naira notes. 

“The CBN should, during the 10 days period, ensure that the new naira notes are released into circulation to enable Nigerians have access to it for their day -to -day business activities. 

“The non -availability of the new notes in circulation has made many businesses to close shop within this short period, which is detrimental to our economy and growth. 

“We  also call on Nigerians to continue accepting and transacting businesses with the old notes before the new deadline of  10th February when the old notes will cease to be a legal tender.”

He explained that as a result of the development, the planned five million- man protest which would have taken place on 1st February, 2023, has been cancelled and called on state coordinators of the group in the 36 days of the federation and FCT to de-mobilize all arrangements for the planned protest.

 Meanwhile, many filing stations in Anambra State which stopped selling so as not to collect the old naira notes, resumed business immediately the extension was announced.

An attendant in one of the stations in Awka said his manager had earlier directed that they should stop selling since most of the buyers were still paying with the old naira notes. 

He said that with the Monday sit at home, it might be difficult for them to deposit their money before 31st January, adding that with the extension, they decided to reopen for business as they now have time to deposit the old currency.