Nigeria's Atiku joins calls to extend deadline on old banknotes -

Nigeria’s Atiku joins calls to extend deadline on old banknotes

Signal FX ; LAGOS (Reuters) – Nigerian opposition presidential candidate Atiku Abubakar urged the central bank on Saturday to extend a Jan. 31 deadline to phase out old high-value banknotes, a measure many Nigerians fear will disrupt business in the cash-reliant economy.

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Nigerians have to turn in 1,000 ($2.17), 500 and 200 naira notes by Tuesday when they cease to be legal tender. The central bank started releasing newly designed notes last month but many Nigerians say they are not yet available in banks.

The Central Bank of Nigeria (CBN) says recalling the notes is part of plans to reduce the use of cash.

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“I’m aware of the challenges that farmers and others like artisans in remote areas of the country go through in moving cash to commercial banks for the conversion,” Atiku said in a video.

“It is important for the CBN to consider an extension of the time that the public convert their bank monies into new notes, thereby reducing the financial consequences for citizens.”

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In Lagos, some shops were rejecting old banknotes at the weekend in anticipation of the deadline.

Nigeria’s Atiku joins calls to extend deadline on old banknotes

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Nigeria’s Atiku joins calls to extend deadline on old banknotes

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