BREAKING: CBN Extends Old Naira Use Deadline Till February 10

 

The Central Bank of Nigeria (CBN) has extended the deadline for the use of old Naira banknotes until February 10, 2023. 

The previous deadline was December 31, 2022. This extension is to give the public more time to exchange their old banknotes for new ones. 

The CBN has been replacing old banknotes with new ones to improve security and reduce the circulation of counterfeit notes.

This was disclosed in a press statement issued today January 29. The CBN governor, Godwin Emefiele, said the new deadline is February 10, 2023.

Emefiele said following the hardship Nigerians have experienced in their attempt to access the newly redesigned notes, President Buhari has given approval for the extension of the deadline.

"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 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."