MURIC Gives The FG a Deadline For The Old Naira Bills

MURIC gives the FG a deadline for the old naira bills. The Muslim Rights Concern (MURIC) has requested that the Federal Government provide a two-week extension to the January 31 deadline for the devaluation of old naira notes.

According to a statement released by MURIC’s Sokoto Chapter’s Malam Muhammad Aliyu on Saturday in Abuja, this is an issue that has to be addressed.

Since the expiration date of old naira notes is January 31, businesses in Sokoto, Kebbi, and Zamfara have essentially shut down this week since no one would take them in commercial transactions for fear of being unable to deposit them in commercial banks.

MURIC Gives The FG a Deadline For The Old Naira Bills

This is due to the fact that customers seeking to cash their old naira notes before the deadline would encounter huge lines at every bank they visit. Merchants have been known to wait in line at commercial banks since the crack of dawn in order to exchange their old naira notes.

Additionally, many businesspeople stopped collecting old naira notes because of the scarcity of new naira notes, the dread of getting old naira notes, and the uncertainty of depositing the money he got from consumers at institutions before the due owing to unusually lengthy waits.

He claimed that several businesses had to close since their clients often brought in old naira banknotes and were unsure if they could deposit them in the bank.

As Aliyu put it, “this has made life more challenging for regular individuals right now. Banks are still giving out the old naira banknotes to consumers even though the deadline is only a few days away, and many Nigerians have complained about the lack of availability and shortage of the new notes.

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“We also call on the security agencies, in particular the Economic and Financial Crimes Commission and the Nigerian Financial Reporting Unit, to closely monitor how commercial bank managers deal with the new naira notes, they receive from the Central Bank of Nigeria, which apex bank has been insisting are readily available at the vaults nationwide and ready for collection.

We urge calm and discourage speculation over the currency exchange in Nigeria.

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