“Why President Buhari Approved The New Naira Deadline Extension” – Gov Emefiele

The President, Major General Muhammadu Buhari (retd), approved the Central Bank of Nigeria’s request to extend the deadline for exchanging old naira notes for redesigned notes from January 31, 2023, to February 10, 2023, on Sunday in Daura.

Additionally, Buhari allowed a seven-day grace period, from February 10 to February 17, 2023, during which Nigerians can deposit their old notes at the CBN before they lose their legal tender status.

These were revealed to State House reporters by CBN Governor Godwin Emefiele shortly after their Sunday meeting in the President’s rural house in Daura, Katsina State.

He revealed that of the N2.7 trillion stored outside of the banking system, 75% had been recovered.

The governor said, “We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7tn held outside the banking system. Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN senior staff nationwide sensitisation team exercise.

“Aside from those holding illicit/stolen naira in their homes for speculative purposes, we do aim to give all Nigerians that have naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.

“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 mobilisation and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives. A seven-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 implementation of this very important process for the program.”

Emefiele further promised that the Economic and Financial Crimes Commission would “sanction” any Nigerians seen selling, misusing, or spraying the new naira notes during ceremonial gatherings.

Each note has a unique number, he claimed, making it possible to identify the owners of abused money.

He said, “For those involved in this, even if they are CBN staff members, they will be sanctioned. We will track them. Luckily, those new naira notes have trackers, we have their numbers because they have been issued.

“Once we see these numbers, we will track them and we will make public those that are involved in this business of selling new naira. Whereas there are people who are suffering in the villages that need those new notes, we will deal with them.

“We have passed on a few videos to the EFCC and they are going to track these people. It’s not about the CBN tracking them. It’s about the EFCC or the ICPC and independent enforcement institutions to go after them.”