CBN Extends Old Naira Notes Collection To February 10

Central Bank of Nigeria, CBN has extended the deadline for the collection of the old 200, 500, 1000 naira notes earlier fixed for January 31, 2023 to February 10, 2023.

CBN Governor, Godwin Emefiele made this known in a press statement few minutes ago.

Information from the Presidency indicated that the CBN Governor, Godwin Emefiele made the announcement in Daura, the hometown of President Muhammadu Buhari, after the Commander-in-chief gave approval for 10 days exchange of old naira notes to new ones.

Photographs made available online and credited to Aso Rock photographer, Sunday Aghaeze, showed the Central Bank of Nigeria Governor, Godwin Emefiele speaking with Press men in Daura after meeting with the President.

Governor Godwin Emefiele said so far the CBN has collected 1.9 trillion old Naira notes and left with 900 billion naira to achieve effective implementation of the policy.

It would be recalled that Nigerians had been complaining about the inability to swap their old notes for the new designs as the January 31 deadline drew nearer.

Godwin Emefiele said, sequel to the hardship Nigerians have experienced in their attempt to access the newly redesigned notes, President Buhari has given approval for the extension of the deadline.

“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.”