CBN adds 10 days extension for exchange of old Naira

The Central Bank of Nigeria(CBN) has announced the extension of the deadline for the swapping of old naira notes with the redesigned ones till February 10th, 2023.

This information was released by CBN stating this in a release on Sunday, January 29th, by the Governor of CBN, Godwin Emefiele.

The apex bank said it had added “a 10-day extension of the deadline from January 31st, 2023, to February 10th, 2023, to allow for the collection of more old notes.”

He also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17th, 2023, describing it as  a “grace period.”

There has been pressure from many Nigerians and groups concerning the initial January 31st deadline for the validity of the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.

Extending the deadline, Emefiele said, “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 mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives.

“A seven-day grace period, beginning from 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.”

Emefiele also sought the cooperation of all Nigerians in the implementation of the policy.

The CBN, before bowing to pressure today, had on Saturday, January 28th, insisted that the January 31st deadline for the validity of the old 200, 500 and 1,000 naira notes remained unchanged.

The apex bank, via its verified Twitter page, insisted on Saturday evening that the January 31st, 2023 deadline remained.

Reposting a video of the CBN Governor, Emefiele, from a 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 31st 2023.

“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.”