The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes at commercial banks by ten days.
In a statement, CBN Governor Godwin Emefiele announced that the new deadline is now February 10, 2023. Despite the extension, Nigerians will still be able to deposit their old notes directly with the CBN until February 17, 2023, described as a “grace period.”
The CBN had previously stated that it would not extend the deadline, but after measures were put in place to ease the scarcity, President Muhammadu Buhari approved the extension.
Emefiele said that the extension will allow for the collection of more old notes held by Nigerians and improve the cash swap in rural communities.
“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,” he said.
“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.”
Nigerians had been complaining about the inability to swap their old notes for the new designs as the original deadline of January 31 loomed.
The extension of the deadline will provide a much-needed relief to those who have been unable to exchange their old notes.
