The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes, giving Nigerians an additional ten days to make the swap.
In a press statement issued on Sunday, CBN Governor Godwin Emefiele explained that the new deadline of February 10, 2023 was due to measures put in place to ease the scarcity of the new notes.
Despite the extension, Nigerians will still have a 7-day grace period, from February 10 to February 17, 2023, to deposit their old notes directly with the CBN after which the old currency will have lost its legal tender status.
Nigerians had been expressing concern about their inability to exchange their old notes for the new designs as the original deadline of January 31 loomed.
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However, President Muhammadu Buhari’s approval of the extension has provided a much-needed relief for those who were unable to exchange their notes in time.
CBN Governor Emefiele stated that the extension will allow for the collection of more old notes held by Nigerians and improve the cash swap in rural communities. The CBN, along with the EFCC and ICPC, will work together to achieve these goals.
The extension of the deadline is a positive move by the CBN, providing more time for Nigerians to exchange their old notes and ensuring that the transition to the new currency is smoother.
With the new deadline and grace period in place, the CBN is giving Nigerians the opportunity to exchange their old notes and take full advantage of the new design.
