The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has extended the deadline for the use of old naira notes by 10 days.
Emefiele announced the new deadline Friday, February 10, 2023, in a statement on Sunday afternoon after meeting with President Muhammadu Buhari.
The CBN boss in the statement said in part, “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 losses 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.
“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free process for the implementation of this very important program.”
Emefiele while giving reasons for the redesigning of the new naira notes of 200, 500 and 1000, said, “Ladies and Gentlemen, available data at the Central Bank of Nigeria has shown that in 2015, Currency-in-Circulation was only N1.4 trillion. As at October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking Industry and N2.7 trillion held permanently in people’s homes. Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN.
“So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion (N500b + N1.9trillion).
Nigerians heaved a big sigh of relief when the news filtered in on the adjustment of the deadline from Tuesday, January 31, 2023, to Friday, February 10, 2023.
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