Some residents in the Federal Capital Territory (FCT) have commended the Central Bank of Nigeria (CBN) over the extension of the deadline for collection of old naira notes by 10 days. 

The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Monday, in the territory, said the extension was a step in a right direction to enable adequate circulation of the new naira notes. 

According to them, the extension is a good decision as it would also afford some Nigerians, who are yet to deposit their old naira notes in the bank, the opportunity to do so seamlessly.

Recall that the Governor of the Central Bank of Nigeria (CBN), Dr Godwin Emefiele, said that the apex bank sought and obtained the approval of President Muhammadu Buhari to extend the deadline to Feb. 10.

However, the CBN had earlier given Jan. 31, as deadline for people to deposit the old naira notes in their possession in the banks. 

Reacting, Mr Emmanuel Nonso, a trader in Gwagwalada market, said the extension by 10 days would give business owners some days to return the old naira notes in their possession to the bank.

“The new naira notes are not much in circulation and buyers still bring the old naira notes to buy our goods because they don’t have the new ones.

 “Even before the extension, we have no choice than to collect the old naira notes because we can’t afford to lose our customers, especially the perishable goods sellers among us,” he said. 

A motorcycle operator in Kuje Area Council, Mr Hassan Bello, said that, “we are happy with the extension because plenty passengers are still bringing the old note to climb the motorcycle, otherwise known as ‘okada’.

Mrs Rosemary Adaji, a staff of Kwali Area Council, who hailed the extension, said it would reduce tension and afford the people the opportunity to deposit their old notes and have new ones to transact business. 

A resident of Abaji Area Council, Mrs Eunice Madaki, said that the new deadline date was fair; adding that “so long it doesn’t get extended to the election date as it might affect the free and fair electoral process in terms of vote buying”. 

According to Madaki, most of the people clamouring for this extension may have in their possession hoarded old naira notes and might intentionally want to use this notes for vote buying during the general elections. 

“On no occasion should there be any further extension, because it could encourage vote buying during the forthcoming general elections,” she said.