29/01/2023
The Central Bank of Nigeria, CBN has extended the deadline for the swapping of old naira notes for he newly redesigned ones.
This is coming following President Muhammadu Buhari's approval for the extension after a request by the CBN Governor, Godwin Emefiele.
The new deadline is now February 10, 2023, as against the former January 31 deadline.
A seven-day grace period, beginning on February 10 to February 17,2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
This followed the President's meeting with the apex bank's governor, Godwin Emefiele, in his country home in Daura, Katsina State on Sunday.
Emefiele briefed correspondents after the meeting, revealing that 75 percent of the N2.7 trillion held outside the banking system has been recovered.
In his words, "Based on the foregoing, we have sought and obtained Mr President's approval for the following:
"10-day extension of the deadline from
January 31, 2023, to February 10, 2023; to
legitimately held by Nigerians and achieve
more success in cash swap in our rural
communities after which all old notes outside the CBN losses 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.
"We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free the implementation of this very important process for program."
We will bring you more details as the story develops.