Deadlines for depositing old naira notes have been extended until February 17, 2023.
The Central Bank of Nigeria (CBN) requested that the deadline for exchanging old Naira notes for new ones be extended, and President Muhammadu Buhari has granted that request. The new date is now February 10.
Prior to now, the CBN had set a deadline of January 31 for exchanging old N200, N500, and N1000 notes for new ones.
Nigerians will have a seven-day grace period, starting on February 10 and ending on February 17, 2023, to surrender their old notes at the CBN beyond the deadline, after which the old money will no longer be accepted as legal cash.
The president’s meeting with Mr. Godwin Emefiele, governor of the top bank, on Sunday at Buhari’s rural residence in Daura, Katsina State, led to the approval.
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise” He stated.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.”
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:
“10-day extension of the deadline from January 31, 2023, to February 10, 2023; to
legitimately held by Nigerians and achieve more success in cash swap in our rural
communities after which all old notes outside the CBN lose 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.
“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch-free implementation of this very important process for the program.”
Source: Vanguard