The deadline for exchanging outdated naira notes was extended by the Central Bank of Nigeria, CBN, on Sunday.
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The CBN governor, Godwin Emefiele, pushed back the deadline by ten days.
Emefiele announced the new deadline in a news release on Sunday. It is now February 10, 2023.
He said that the N2.7 trillion stored outside the banking system has been retrieved to the tune of 75%.
“We are pleased that so far, the effort has succeeded in capturing almost 75% of the N2.7 trillion kept outside the banking system,” he added. Utilizing the Agent Naira Swap program and CBN Senior Staff’s national sensitization efforts, Nigerians in rural regions, communities, and the elderly and vulnerable have had the chance to exchange their old notes.
Apart from individuals who keep illegal or stolen money in their houses for speculation, our goal is to enable all Nigerians who have money that they have earned legally and trapped the chance to deposit that legally trapped money at the CBN for exchange.
“In light of the aforementioned, we requested and received Mr. President’s consent for the following:
“A 10-day extension of the deadline from January 31, 2023, to February 10, 2023, after which all old notes outside the CBN lose their legal tender status, to allow for lawfully held by Nigerians and to have better success with cash swaps in our rural communities.
“Our CBN employees, who are now engaged in mass mobilization and surveillance, will collaborate with representatives from the EFCC and ICPC to accomplish these goals.
In accordance with Sections 20(3) and 22 of the CBN Act, there will be a 7-day grace period from February 10 to February 17, 2023, allowing Nigerians to deposit their old bills with the CBN after the day in February when they would have lost their legal tender status.
We thus make an appeal to all Nigerians to cooperate with the Central Bank of Nigeria in order to guarantee the smooth implementation of this crucial procedure and program.
