CBN Extends Deadline For Exchange Of Old Naira Notes

The CBN was set to phase out the use of the old N200, N500, and N1,000 notes from February 1, 2023.
However, the apex bank faced various calls to extend the deadline due to the shortage of the new notes.
The CBN has now bowed to pressure by extending the deadline.

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has finally extended the deadline for the exchange of old naira notes by 10 days.

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The apex bank made the disclosure in a statement issued on Sunday.

The CBN Governor, Godwin Emefiele, said the new deadline is February 10, 2023.

According to Emefiele, the apex bank has the approval of President Muhammadu Buhari to set the new deadline.

The CBN boss, however, said there will be a 7-day period of grace after the notes cease to be legal tender for Nigerians to deposit them in the bank.

“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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement reads in part.

“A 7-day grace period, beginning from February 10 to February 17, 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 solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.

Before the apex bank prolonged the use of the old naira notes, many Nigerians experienced difficulty in getting the new banknotes.

The scramble to meet the initial January 31 deadline had been chaotic as many businesses started rejecting the old notes prematurely.