Central Bank of Nigeria Extends Deadline for Old Naira Note Swap
Nigeria’s Central Bank has extended the deadline for exchanging old naira notes with the redesigned notes until February 10, 2023, as stated in a release on Sunday. The CBN governor, Godwin Emefiele, said that the extension of 10 days from January 31, 2023, would allow for the collection of more old notes.
Emefiele also announced that the “grace period” from February 10 to February 17, 2023, will allow Nigerians to deposit their old notes directly with the CBN after the February deadline. He appealed for the cooperation of all Nigerians in the implementation of the policy.
The CBN faced pressure from many Nigerians and groups regarding the initial January 31 deadline for the validity of the old notes due to the scarcity of newly designed 200, 500, and 1000 naira notes. The CBN had earlier insisted that the January 31 deadline remained unchanged, however, later bowing to pressure and extending the deadline.
Emefiele noted that the CBN staff, in collaboration with the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission, will work to achieve the objective of collecting more old notes and ensuring success in cash swap in rural communities.
The CBN governor also sought the cooperation of all Nigerians to ensure the success of the policy.
