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cbn Extends Old Naira Use Deadline Till February 10

The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes for newly designed ones till February 10.

The apex Bank had set the deadline for the old N200, N500 and N1000 for January 31, 2023 but due to the scarcity of the new ones and its attendant effects on the economy, there has been pressure on the CBN governor, Godwin Emefiele, to extend the deadline. 

The National Assembly and several groups and individuals had called for a extension but the CBN said there would be no extension. 

However, Emefiele announced the extension in a statement signed on Sunday.

The Nigerian Bar Association (NBA) had called for an urgent review of the naira redesign policy.

The NBA, which raised concerns about current and future challenges surrounding the implementation of the policy, wrote to Emefiele.

The NBA in the letter signed by the body’s National President, Mr Yakubu Maikyau, SAN, urged that due considerations and position of the law be followed, insisting that the law allowed Nigerians to redeem their old naira notes at the CBN even after the January 31, 2023 deadline set by the apex bank.

The association recalled how a hasty implementation of a similar policy in 1984 by the then military government not only brought huge financial loses for individuals and businesses but eventually collapsed the economy and led to the toppling of the administration.



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