Nigeria’s Central Bank Announces A 10-day Extension Of Deadline To Exchange Old Cash

Nigeria’s central bank on Sunday announced a 10-day extension of the deadline for the use of old naira notes across the country, reported The Reuters.

The announcement was made by Central Bank Governor, Godwin Emefiele, after a meeting with President Muhammadu Buhari in Daura, Katsina State.

In a statement released on Sunday Emefiele said that President Buhari has approved the 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes legitimately held by the people of Nigeria and achieve more success in cash swap in rural communities after which all old notes outside the CBN losses their Legal tender Status.

Nigeria’s Central bank Governor said that there would be an additional 7-day grace period beginning from February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act. During the grace period, Nigerians will be able to deposit their old naira notes at the bank after the February 10 deadline when the old notes would have lost their legal status.

 “So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion,” he said.

He added that the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system.

The Central bank government also made an appeal to all Nigerians to work together with the banks to ensure hitch-free implementation of the important process for the program.

Notably, last October, Nigeria’s CBN introduced redesigned 200, 500, and 1000 naira notes and gave a deadline of 31st January for the use of the old notes. However, the new notes have been scarce, thus leading to calls for an extension.

The note-swapping is taking place just a few weeks before the country goes to the polls in presidential and parliamentary elections.

Caroline Finnegan

A professionnal journalist for the past ten years, I cover global news and economic affairs for The Chief Observer.

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