CBN extends deadline for exchange of old Naira notes by 10 days

The Central Bank of Nigeria (CBN) has extended the deadline for the swapping of old Naira notes with the redesigned ones to February 10, 2023.

CBN Governor Godwin Emefiele in a release on Sunday said the apex bank is granting the additional 10 days to allow for the collection of more old notes.

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

Extending the deadline, Emefiele said: “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 noteslegitimately 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.

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“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.”

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

The CBN, before bowing to pressure today, had yesterday (Saturday) insisted that the January 31 deadline for the validity of the old 200, 500 and 1,000 Naira notes remained unchanged.