CBN Extends Deadline for old naira notes to Feb 10, 2023.

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CBN Governor - Godwin Emefiele
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CBN Extends Deadline for old naira notes.

The Nigerian Central Bank (CBN) has announced a 10-day extension for the use of old naira notes throughout the country,  Ejes Gist News reports.

The CBN governor told journalists on Sunday morning that he had President Muhammadu Buhari’s approval for the extension.

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CBN Extends Deadline for old naira notes

He stated that the new deadline is now February 10 as opposed to January 31.

Mr. Emefiele spoke in Daura, Katsina State, following a meeting with the president, who was performing official duties in his home state.

Mr. Emefiele stated that Nigerians who have not yet exchanged their old naira notes for new ones now have the opportunity to do so.

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Also see, New Naira Notes: CBN Cash Swap Policy Suffers Major Setback

He stated that the opportunity must be taken advantage of because the deadline will not be extended again.

New Naira Notes , Why CBN Extends Deadline for Old Naira Notes
A photo file of New Naira Notes

Why CBN Extends Deadline for Old Naira Notes

The CBN introduced redesigned 200, 500, and 1,000 naira notes in October and set a deadline of January 31 for the use of the old notes.

Also see Breaking: INEC Extends Deadline For PVC Collection. 

 

However, new currency has been scarce, prompting calls for an extension.

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Mr. Emefiele did not elaborate on what the central bank was doing to address the lack of new currency notes.

Statistics indicate that more than 85 percent of the currency in circulation is stored outside of commercial bank vaults, which the central bank announced in October of last year.

Mr. Emefiele asserted on Sunday that the currency has produced significant results.

“According to the bank’s available data, the amount of currency in circulation in 2015 was only N1.4 trillion. “As of October 2022, the amount of currency in circulation had risen to N3.23 trillion, of which only N500 billion was in the banking industry and N2.7 trillion was held in people’s homes,” he stated.

What you need to know

The CBN Extends Deadline for old naira notes to Feb 10, 2023.

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Tags: cbn deadline for old naira notes, deadline for old naira notes extended.

Reps Reject CBN’s 10-Day Deadline Extension; Move To Arrest Godwin Emefiele.

Meanwhile, the House of Representatives ad hoc committee on the redesigned New Naira Notes has rejected the CBN’s 10-day deadline extension and moved to arrest CBN Governor, Godwin Emefiele. See details here.

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