Just In: Emefiele Extends CBN’s Deadline For Old Naira Notes By 10 Days

The Governor of the Central Bank of Nigeria (CBN) has extended the timeframe to phase out the old Naira notes two days before the initial deadline.

Prime Business Africa had reported that the old Naira notes will cease being legal tender by January 31, 2023, three months after it announced the redesign of the local banknotes.

According to some media outlets on Sunday, the central bank extended the deadline to February 10, 2023.

It was gathered that the extension was reached to enable the commercial banks to continue the collection of more old notes, which are being swapped for the redesigned Naira.

However, it was disclosed that depositing old Naira notes with the CBN will last till February 17, 2023.

The decision to extend the deadline followed criticism over the January 31, 2023 window, which many, including the National Assembly, have said to be too short.

CBN’s deadline extension is still way below the request by the lawmakers, who urged the apex to extend it by six months.

Emefiele said the CBN obtained President Muhammadu Buhari’s request to extend the deadline for 10 days to achieve more success with the cash swap programme initiated to increase circulation of new notes in rural areas or underserved communities.

“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,” Emefiele was quoted in the statement.