CBN Extends Deadline For Swap Of Old Naira Notes To February 10

CBN Extends Deadline For Swap Of Old Naira Notes To February 10

The Central Bank of Nigeria (CBN) has extended the deadline for the swap of old naira notes at commercial banks to February 10, 2023.

In a press statement issued on Sunday, Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.

Through what it described as “grace period,” the release says Nigerians can still deposit their old notes directly with the CBN until February 17, 2023.

Following CBN’s previous deadline of 31 January, 2023, many Nigerians have lamented unavailability of the new notes.

Emefiele said on Sunday that: “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.”