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CBN extends old naira swap by 17 days till Feb 17, says Emefiele

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By Oludare Mayowa

The Central Bank of Nigeria (CBN) has finally yielded to pressure from both the National Assembly and Nigerians on its tight deadlines for the exchange of the old naira note for the newly redesigned banknotes to February 17, from its initial January 31.

In a statement on Sunday, the regulatory bank said it added a 17-day extension to allow for the collection of more old notes.

“… we have sought and obtained Mr President’s approval for the following:

READ ALSO: INEC again extends collection of PVCs till Feb 5

i. A 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for 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 losses their Legal tender Status. Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.

A 7-day grace period, beginning on 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.

We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free process for the implementation of this very important program.

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