The CBN extends the previous naira deadline till February 10.
Till February 10, 2023, the Central Bank of Nigeria has extended the deadline for replacing old naira notes with the new ones.
This was revealed by the CBN in a statement on Sunday.
In order to facilitate the collecting of additional old notes, the apex bank announced “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023.”
According to CBN Governor Godwin Emefiele, this is the case.
Until February 17, 2023, known as the “grace period,” Nigerians will still be able to deposit their old notes directly with the CBN, he added.
As the newly designed 200, 500, and 1000 naira notes were scarce in Nigeria, numerous Nigerians and organizations put pressure on the government to extend the original January 31 deadline for the use of the old notes.
Emefiele announced the extension of the deadline, saying, “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 that Nigerians legitimately hold and to increase the success of cash swaps in our rural communities before all old notes outside the CBN lose their Legal Tender Status.
“To achieve these goals, our CBN employees, who are now on mass mobilization and monitoring, will collaborate with authorities from the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission.
In accordance with Sections 20(3) and 22 of the CBN Act, “a seven-day grace period, beginning from February 10 to February 17, 2023, 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 asked for everyone in Nigeria’s assistance in putting the policy into action.
Before giving in to pressure today, the CBN had stated that the date of January 31 remained the last day that the old 200, 500, and 1,000 naira notes would be valid.
The January 31, 2023 deadline still stands, the apex bank insisted on Saturday night via its verified Twitter account.
The deadline for returning old series 200, 500, and 1000 naira notes is still January 31 2023, the apex bank stated in a video of CBN Governor Emefiele from a recently finished Monetary Policy Committee meeting.
“Unfortunately, I’m sorry to disappoint people who think we should move the deadline.
“The rationale is that 100 days is more than enough time for anyone who has the old currency to deposit it in the banks, just like the president has mentioned more than twice and even to some people in private. Additionally, we made sure that all banks were open to accept deposits and are currently doing so.