The Central Bank of Nigeria has bowed to pressure by extending the deadline for the swapping of old naira notes till February 10, 2023.
The apex bank, which had been bombarded with criticism on the way it is handling the process, stated this in a release on Sunday.
It said the 10-day extension of the deadline from January 31, 2023, to February 10, 2023, would allow the collection of more old notes.
It quoted the CBN Governor, Godwin Emefiele thus: “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.”
