CBN extends old naira deadline till February 10 to enable Nigerians, who are yet to change their naira notes from the old to new ones, to do so.
By Emma Ogbuehi
The Central Bank of Nigeria has extended deadline for the swapping of old naira notes till February 10, 2023.
The CBN stated this in a press statement on Sunday, which was sent to TheNiche.
The apex bank said it added a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.
Godwin Emefiele, governor of the bank, said President Muhammadu Buhari gave permission for the extension of the deadline.
Sources said the move followed a visit by Emefiele to Buhari in Daura on Sunday morning, where he obtained the approval to do so.
Emefiele said that by the extension, Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.
He however insisted that people must utilise the opportunity because the deadline will not be extended again.
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“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: a 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN loses their Legal Tender Status.
“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act, allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status,” CBN said in a statement.
The CBN had last year introduced redesigned 200-, 500- and 1000-naira notes and gave a deadline of 31st January, 2023 for swapping of the notes.
The apex bank had been under pressure to shift the deadline over the scarcity of new naira notes.