The Central Bank of Nigeria (CBN) has added 10 more days in order to extend the deadline for the swap of old naira notes at commercial banks.
On Sunday 29th of January, the CBN governor Godwin Emefiele, has said that the deadline for the old naira notes is now February 10 2023.
According to reports this will enable Nigerians to still be able to deposit their old notes directly with the CBN until February 17, 2023 described as “grace period”. The Central Bank of Nigeria previously said it would not extend the deadline but due to the result of measures put in place to ease the scarcity, President Muhammadu Buhari has given approval for the deadline extension.
“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.” he said.