Naira Redesign: We Need Extra Three Months

The Central Bank of Nigeria, CBN, has been encouraged to extend the deadline for the circulation of the newly designed naira notes by the Miyetti Allah Cattle Breeders Association of Nigeria, or MACBAN.

Gidado Siddiki, the executive director of the South-East association, pleaded with the CBN to extend the deadline by three months.

The extension, according to Siddiki, would offer MACBAN members additional time to deposit their money in banks.

Siddiki stated that most herders don’t save their money in banks, which is why more time is needed, yesterday in Awka, Anambra State.

He revealed that the majority of herders take their money with them into the bush.

“We cannot fight or reverse the government policy as law-abiding citizens of Nigeria, but we are only appealing to the CBN to help us extend the deadline for another three months.

“This will enable the leadership of Miyetti Allah to reach out properly to those living in out-of communication areas across States of the federation,” he said.

The apex bank had said the redesigned naira notes would be in circulation on December 15, 2022.

Naira notes affected are the N100, N200, N500, and N1000 denominations.