By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Why the CBN Decided to Give Nigerians More Time to Exchange Old Naira Notes
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Why the CBN Decided to Give Nigerians More Time to Exchange Old Naira Notes

Farouk Mohammed
By Farouk Mohammed
Published: January 29, 2023
Share
2 Min Read
SHARE

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.

- Advertisement -

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.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNNaira notesNigerians
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article CBN Governor, Godwin Emefiele CBN Gives Nigerians 10 More Days to Exchange Old Naira Notes
Next Article Djokovic Beats Tsitsipas to Clinch 10th Australian Open Title

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Parallel Market Rates

Okay.ng Logo
USD
Buy₦1,555.00
Sell₦1,568.00
GBP
Buy₦1,770.00
Sell₦1,800.00
EUR
Buy₦2,140.00
Sell₦2,175.00

Updated: 6 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

INEC Releases New Guidelines on Election Result Reviews, Confirms 122 Applications for New Political Parties
News
NEPC Debunks Promotion Exam Allegations, Says Process Adheres to Civil Service Rules
News
9mobile Subscribers to Access MTN Network Under New Three-Year Deal
Telcos
Peter Rufai
Peter Rufai, Legendary Super Eagles Goalkeeper, Is Dead
Sport
David Mark, Atiku’s Coalition Efforts Not Reflective of PDP’s Official Stance, Party Clarifies
Politics
- Advertisement -
Ad imageAd image

You May Also Like

Peter Obi
Politics

Labour Party Demands Peter Obi’s Resignation Within 48 Hours

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Politics

Seven Akwa Ibom House of Representatives Members Defect to APC

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Business

Black Market Exchange Rate: Dollar to Naira – Today – 3rd July 2025

Okay.ng
Okay.ng
July 3, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?