The deadline for exchanging old naira notes at commercial banks has finally been extended by the Central Bank of Nigeria by ten days.
The CBN governor, Godwin Emefiele, announced the new deadline as February 10, 2023 in a press release on Sunday according to the Cable.
Nigerians can still deposit their old notes with the CBN directly up to February 17, 2023, which is referred to as the “grace period.”
As the deadline of January 31 drew near, Nigerians had been grumbling about their inability to exchange their old notes for the new ones.
Despite the fact that banks are working all weekend to exchange the notes, many individuals are complaining about a lack of supplies, with people in rural areas being the most negatively impacted.
The CBN earlier declared that the deadline will not be extended.
Emefiele stated on Sunday that the President, Major General Muhammadu Buhari (ret.d), has authorized the extension of the deadline due to the steps put in place to lessen the shortage.
He 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 mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“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.”
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