January 29, (THEWILL) – The Central Bank of Nigeria (CBN) has announced a 10-day extension of the deadline for the use of old naira notes across Nigeria.
CBN Governor, Godwin Emefiele, announced the extension on Sunday, in Daura, Katsina State.
The apex bank earlier fixed January 31, as deadline for the old N200, N500 and N1,000 naira notes to seize being used as legal tender.
Speaking with newsmen after a meeting with president Muhammadu Buhari on Sunday, in Daura, Emefiele said the President approved the extension of the deadline of the old notes to February 10, 2023.
Also, a seven-day grace period, beginning on February 10 to February 17, 2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its ‘Legal Tender’ status.
“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 losses their Legal tender Status.
“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”, has also been granted.
Emefiele said 75 percent of the N2.7 trillion held outside the banking system has been recovered.
“We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and 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.
“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:
“Our CBN staff currently on mass mobilisation and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free the implementation of this very important process for programme”, he added.
