CBN Extends Old Naira Deadline Till February 10

The Central Bank of Nigeria (CBN) has extended the deadline for the phasing out of old naira notes till February 10, 2023.

The CBN disclosed this in a statement it released on Sunday.

According to the CBN, “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.”

The apex bank also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, which it said is the “grace period.”

There has been pressure from many Nigerians and groups concerning the initial January 31, 2023 deadline for the returning old notes to banks, as the scarcity of the newly designed 200, 500, and 1000 naira notes hits 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.

A 7-day grace period, starting 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.”

Emefiele also sought the cooperation of all Nigerians in the implementation of the new policy.

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