CBN Extends deadline for old Naira notes to February 10

The Central Bank of Nigeria has yielded to public opinion and extended the deadline for the exchange of the old Naira notes from January 31 to February 10, 2023. This is a ten day extension to allow Nigerians more time to exchange their old notes.

It will be recalled that several pleas has gone to the CBN to extend the deadline in view of the shortages of the new Naira notes and the many difficulties experienced by citizens in exchanging the notes. The National Assembly and some State Governors including the NLC had called for the CBN to consider the extension and avoid economic chaos.

In announcing the extension, the CBN Governor, Godwin Emefiele, requested the cooperation of all Nigerians in making sure the policy’s implementation went off without a hitch.

Many Nigerians had trouble depositing their old banknotes before the top bank expanded the use of the naira currency. Many Nigerians have been rushing to fulfill the initial deadline of January 31 in a disorderly manner, flooding banks rooms with large amounts of old currency to exchange for new.

According to Emefiele the CBN has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days. “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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,”.

In accordance with Sections 20(3) and 22 of the CBN Act, there is a 7-day grace period from February 10 to February 17 that enables Nigerians to deposit their old notes with the CBN after the deadline in February, after which the old currency would have lost its legal tender status, he continued. You can read the press release here