President Muhammadu Buhari has approved the Central Bank of Nigeria’s (CBN) request to extend the deadline for exchanging old Naira notes for new ones to February 10.
The CBN has previously set a January 31 deadline for exchanging old naira notes of N200, N500, and N1000 for new ones.
A seven-day grace period, commencing February 10 and ending February 17, 2023, has also been granted to allow Nigerians to deposit their old notes at the CBN after the February deadline, after which the old money would no longer be recognized as legal cash.
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The permission came after the President met with the governor of the apex bank, Mr. Godwin Emefiele, at Buhari’s rural house in Daura, Katsina State on Sunday.
Following the meeting, Emefiele briefed reporters, confirming that 75% of the N2.7 trillion stored outside the banking system had been recovered.
He said: “We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
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“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:
“10-day extension of the deadline from January 31, 2023, to February 10, 2023; to legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN lose 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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“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch-free implementation of this very important process for the program.”
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