CBN extends deadline for old naira notes to February 10. #news

CBN extends deadline for old naira notes to February 10.

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 on Sunday, January 29, 2023.

“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.

A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) & 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,” he said.