The Central Bank of Nigeria (CBN) have extended the deadline for old Naira notes to be returned to the bank.
CBN Governor, Godwin Emefiele made the announcement on Sunday 29th of January following talks and approval from the Nigerisn president President Muhammadu Buhari.
The new date is now 10th February 2023, a ten day extension which would see old naira lose its Legal Tender Status after then. Once the money loses its status, Nigerians have 7 days up to 17th February to then deposit their money in CBN.
The return of old naira notes was supposed to be done by January 31 2023.
The Governor 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 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 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,” CBN said in a statement.
CBN introduced newly redesigned 200, 500 and 1000 naira notes and had given a deadline date of 31st January, 2023 to exchange the old one.