BREAKING
CBN Bows To Pressure, Extends Deadline For Old Naira Notes
CBN has finally extended the deadline for old Naira notes.
Newsone reports that the Central Bank of Nigeria (CBN), Nigeria’s apex bank led by Governor Godwin Emefiele, has finally extended the deadline for the exchange of old naira notes by 10 days.
This online news platform understands that the CBN in a press statement issued on Sunday, January 29, 2023, by Godwin Emefiele, the CBN governor, said the new deadline for old Naira notes is Friday, February 10, 2023.
Meanwhile, Newsone Nigeria reports that this is coming a day after the Central Bank of Nigeria (CBN) insisted that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remain unchanged.
This is as calls from various quarters have poured in pleading and demanding with the apex bank to shift grounds and extend the deadline in order to allow Nigerians more time to return their old notes to deposit money banks, better known as commercial banks.
But refusing to yield to pressure, the apex bank, via its verified Twitter page, insisted on Saturday evening, January 28, 2023, that the January 31, 2023 deadline remains.
Reposting a video of the CBN Governor, Godwin Emefiele, from the just concluded Monetary Policy Committee meeting, the apex bank said, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.”
Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023. pic.twitter.com/ngHiXeHfNk
— Central Bank of Nigeria (@cenbank) January 28, 2023
While in the video posted Emefiele said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.
“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”
However, today, the CBN Governor has issued another statement extending the deadline for the old Naira notes to February 10, 2023.
The CBN Governor said on Sunday that as a result of measures put in place to ease the scarcity, President Muhammadu Buhari has given approval for the extension of the deadline.
He 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 the 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.”
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