BREAKING: CBN extends deadline for old naira notes to Feb 10
The Central Bank of Nigeria (CBN) has extended the date for expiration of old Naira notes in the country to February 10, 2023.
This is an extension of ten days from the former date of January 31, when the old notes of N200, N500 and N1,000 would seize to be legal tender.
Governor of the CBN, Godwin Emefiele, announced the extension in a statement on Sunday.
Emefiele, announced the extension in a statement on Sunday, disclosing that President Muhammadu Buhari gave his approval for the extension.
According to Emefiele, the 10-day extension will give room for more time for CBN’s cash swap programme in rural areas. Aside the February 10 deadline, depositors will have until February 17 to deposit their old Naira notes directly to the apex bank.
READ ALSO:Scarcity of new Naira notes hits CBN’s cash swap with banks, First Bank reject PoS agents’ request
Recall that the extension followed Ripples Nigeria’s report on Friday that the central bank was struggling with the cash swap programme as some of the banks selected for the cash swap project were turning back Point of Sale (PoS) agents due to scarcity of the redesigned naira notes.
Defending the extension, Emefiele 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 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,” Emefiele was quoted in the statement.
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