CBN Extends Deadline for Old Naira Notes to Feb 10

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By an additional 10 days, the Central Bank of Nigeria has extended the deadline for exchanging obsolete naira notes. On February 10, 2023, the exercise will now come to a close.

The Nigerian President provided an additional 10 days of grace for the process, according to Godwin Emefiele, the governor of the central bank, who visited President Muhammadu Buhari in Daura today.

In a tweet that had the video of the CBN Governor attached, he was captured stating that: “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023,” it tweeted attaching a video of Emefiele giving the stance of the bank on old notes at the last Monetary Policy Committee (MPC) meeting of the bank.

He furthered, ”Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies. The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”

He claimed that the CBN now had 900 billion to effectively implement policy after collecting 1.9 trillion thus far.

He asserted that Nigerians now have the chance to exchange their old naira notes for new ones.

The governor of the apex bank urged individuals to take advantage of the chance because it won’t be extended again.

According to CBN, “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.”

A deadline of January 31, 2023 was set by the Central Bank for the exchange of the newly printed 200-, 500-, and 1000-naira notes that were released last year.

The shortage of new naira notes has put pressure on the top bank to change the deadline, but the bank swore not to till Saturday night.

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