President Muhammadu Buhari, on Sunday in Daura, sanctioned the Central Bank of Nigeria’s (CBN) proposal for a 10-day extension of the cut-off date for exchanging old Naira notes for the newly designed ones.
The revised deadline is February 10, 2023, as opposed to January 31, 2023.
Nigerians will receive a seven-day grace interval, commencing on February 10 and concluding on February 17, 2023, to turn in their old notes at the CBN beyond the deadline when the obsolete currency will lose its legal tender status.
This decision came after the President’s discussion with the governor of the apex bank, Godwin Emefiele, at his residence in Daura, Katsina State, on Sunday.
Emefiele, speaking to reporters after the conference, indicated that 75 percent of the N2.7 trillion kept outside the banking system has been retrieved.
He stated: “We are pleased to report that, thus far, the initiative has achieved a success rate exceeding 75 percent of the N2.7 trillion held externally. Nigerians residing in rural locales, villages, the elderly, and vulnerable groups have had the chance to exchange their old notes, utilizing the Agent Naira Swap initiative along with the nationwide awareness campaign led by CBN Senior staff.
“Apart from those possessing illicit/stolen Naira at their homes for speculative intentions, we strive to provide all Nigerians who have legitimately earned and trapped Naira the chance to deposit their legitimately trapped funds at the CBN for exchange.
“In light of the above, we have requested and received Mr. President’s endorsement for the following:
“10-day extension of the deadline from January 31, 2023, to February 10, 2023; to ensure that legitimately held funds by Nigerians are addressed and to attain greater success in cash exchanges in our rural regions, after which all old notes outside the CBN will forfeit their Legal Tender Status.
“Our CBN personnel are currently engaged in extensive mobilization and oversight alongside officials of the EFCC and ICPC to accomplish these aims.
“A 7-day grace period, starting from February 10 to February 17, 2023, in
adherence to Sections 20(3) and 22 of the CBN Act, permitting Nigerians to deposit their old notes at the CBN after the February deadline, when the outdated
currency will have lost its Legal Tender status.
“We therefore beseech all Nigerians to collaborate with the Central Bank of Nigeria to ensure a smooth execution of this crucial process for the program.”
