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CBN Extends Deadline for Old Naira Notes on Buhari’s Approval

The deadline for the swapping of the old Naira notes for the redesigned currency denominations has been extended by the Central Bank of Nigeria (CBN).

The Governor of the CBN, Mr Godwin Emefiele, announced the extension on Sunday in a chat with journalists in Daura, Katsina.

Mr Emefiele was in Daura for a crucial meeting with President Muhammadu Buhari on the currency swap policy, which has put many citizens under untold hardships.

The central bank announced on October 26, 2022, that it was redesigning the N200, N500, and N1,000 banknotes and gave Nigerians till January 31, 2023, to deposit their old currency denominations.

But a few days before the deadline, banks in the country were still dispensing the old notes to customers because of the scarcity of the new notes, leaving many people confused.

Addressing newsmen today, the CBN chief said President Buhari had approved the extension of the deadline by 10 days, noting that the old notes would cease to be legal tender in Nigeria after February 10, 2023, and no longer January 31, 2023, as earlier stated.

However, he emphasised that the deadline would not be shifted again, urging Nigerians to take advantage of the new development to deposit their old notes in banks.

In order to accommodate more, the central bank directed commercial banks to extend their working days to Saturday and Sunday for cash deposits.



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