Banking, Economy & MoneyHeadlines

CBN Extends Deadline For Exchange Of Old Naira Notes To Feb. 10

The Central Bank of Nigeria (CBN), has finally bowed to pressure and extended the deadline for the exchange of old naira notes by 10 days.

This is coming a day after the Central Bank of Nigeria (CBN) insisted that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remain unchanged. 

The CBN Governor, Godwin Emefiele, had on Saturday insisted that the January 31st deadline will not be extended. 

This is as calls from various quarters have poured in pleading and demanding with the apex bank to shift grounds and extend the deadline in order to allow Nigerians more time to return their old notes to deposit money banks, better known as commercial banks.

But refusing to yield to pressure, the apex bank, via its verified Twitter page, insisted on Saturday evening, January 28, 2023, that the January 31, 2023 deadline remains.

Reposting a video of the CBN Governor, Godwin Emefiele, from the just concluded Monetary Policy Committee meeting, the apex bank said, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.”

While in the video posted Emefiele said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is because, just like the President  has said on more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”

However, news circulating online has it that the CBN Governor has issued another statement extending the deadline for the old Naira notes to February 10, 2023.

The CBN Governor said on Sunday that as a result of measures put in place to ease the scarcity, President Muhammadu Buhari has given approval for the extension of the deadline.

With this new extension, Nigerians now have until February 10, 2023, to exchange their old notes for the new currency.


Related Articles

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker