CBN Extends Deadline For Use Of Old Naira Notes By 10 Days, Gives Reasons 

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes till February 10.CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

He explained that the apex bank has sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.

Sources said the move followed a visit by Emefiele to Buhari in Daura on Sunday morning, where he obtained the approval to do so.Emefiele said that by the extension, Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.

He however insisted that people must utilise the opportunity because the deadline will not be extended again.

“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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement read.

“A 7-day grace period, beginning from February 10 to February 17, 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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The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.

CBN had last October introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st January for the use of the old notes.

However, the new notes have been scarce, thus leading to calls particularly from for an extension.