BREAKING NEWS: CBN Extends The Old Naira Deadline Till February 10
The deadline for exchanging obsolete naira notes has been extended by the Central Bank of Nigeria until February 10, 2023.
This was revealed by the CBN in a statement on Sunday.
In order to allow for the collection of additional old notes, the apex bank said it added a 10-day extension of the deadline from January 31, 2023, to February 10, 2023. This was conformed by the CBN Governor; Godwin Emefiele.
Until February 17, 2023, known as the “grace period,” Nigerians will still be able to deposit their old notes directly with the CBN, he added.
As the newly designed 200, 500, and 1000 naira notes were scarce in Nigeria, numerous Nigerians and organizations put pressure on the government to extend the original January 31 deadline for the old notes.
In light of the aforementioned, Emefiele stated, “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 the collection of more old notes that Nigerians legitimately hold and to further success in cash swap in our rural communities after which all old notes outside the CBN lose 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.
“A seven-day grace period, beginning from 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.”
