CBN Extends Deadline for Old Naira Notes to Feb 10
The Central Bank of Nigeria(CBN) in response to public outcry has finally extended the deadline for the exchange of old naira notes by 10 days.
A statement issued on Sunday, and signed personally by Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.
The old #200, #500 and #1000 notes will therefore no longer be accepted as legal tender from February 10, 2023.
Consequently, the old notes would still be in circulation till February 10, 2023 instead of January 31, 2023.
According to him, “We have sought and obtained Mr. President’s approval for the following:
A 10-day extension of the deadline from January 31, to February 10, 2023; to allow for collection of more old notes legitimately held by Nigerians.
A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Section 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.
“We therefore, appeal to Nigerians to work with the Central Bank of Nigeria to ensure a hitch free process for the implementation of this very important program,” the CBN Governor said.
