The Central Bank of Nigeria (CBN) has bowed to pressure and extended the deadline for the swapping of old naira notes with the newly redesigned naira banknotes.
The deadline originally slated for January 31 has been shifted to February 10, 2023.
In a release on Sunday, the CBN said: “A 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.”
According to the CBN governor, Godwin Emefiele, Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, which was described as ‘grace period’.
Nigerians had called for the extension, following the scarcity of the newly designed naira notes, as the initial January 31 deadline approached.
Therefore, Emefiele added: “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.
“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.”
