The Central Bank of Nigeria (CBN) on Sunday, January 29, 2023, extended the deadline for swapping old naira notes with the redesigned ones till February 10, 2023.
In a statement, CBN governor, Godwin Emefiele stated it added “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes” adding that this grace period would afford Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023.
Emefiele said, “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 the 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”, he added.
He sought the cooperation of all Nigerians in the implementation of the policy.
