The Central Bank of Nigeria has extended the deadline for the swapping of old naira notes with the redesigned ones till February 10, 2023. The CBN stated this in a release on Sunday. 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.”
This is according to the CBN governor, Godwin Emefiele.
He also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as “grace period.”
There has been pressure from many Nigerians and groups concerning the initial January 31 deadline for the validity the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.
Extending the deadline, Emefiele said, “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 mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives.
Emefiele also sought the cooperation of all Nigerians in the implementation of the policy.
The CBN, before bowing to pressure today, had yesterday (Saturday) insisted that the January 31 deadline for the validity of the old 200, 500 and 1,000 naira notes remained unchanged.