The Central Bank of Nigeria has extended the deadline for the return of old naira notes in exchange for new ones.
The new date contained in a press release by CBN on Sunday states that a 10-day extension has been added to the initial deadline of January 31, 2023
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.”
CBN governor, Godwin Emefiele also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as a “grace period.”
Meanwhile, Nigerians in different parts of the country have been pressured by the urgency of the naira swap concerning the deadline.
Emefiele however 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 the 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 Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives.
Further, Mr. Emiefele who had insisted on his verified Twitter page, on Saturday that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remain, has now reverted and declared a week extension he refers to as ‘grace period’
“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.”
Emefiele also sought the cooperation of all Nigerians in the implementation of the policy.
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