July 16, 2024

CBN extends deadline for old naira notes swapping to Feb 10

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The Central Bank of Nigeria (CBN) has extended naira notes swapping from 31 January 2023 to 10 February 2023.

The apex bank announced the extension the 10th extension period on Sunday to allow for the collection of more old notes.

This is according to the CBN governor, Godwin Emefiele.

He also added that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as “grace period.”

There has been pressure from many Nigerians and groups concerning the initial January 31 deadline for the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.

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.”

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