Thursday, October 12, 2023

CBN Okays 10-day Extension of Old Naira Swap

Top Articles

Abdullahi Abubakar
Abdullahi Abubakarhttps://newsbrief.ng
Abdullahi Abubakar is a writer and passionate about journalism; his writings focus on current affairs and politics. He holds a bachelor's degree in Sociology and Anthropology from the University of Maiduguri. AFP and Reuters trained him in digital news sourcing and content creation. He also got trained in investigative journalism. Contact: abdullahi.abubakar@newsbrief.ng | 07063078745.

Abuja – President Muhammadu Buhari has approved the Central Bank of Nigeria’s, CBN, request for the extension of the deadline for swapping old Naira notes to the redesigned ones.

The new deadline is now February 10, 2023, as reported by AIT.

 CBN Okays 10-day Extension of Old Naira Swap
Source: UGC

A seven-day grace period, beginning on February 10 to February 17, 2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.

This was coming after the President’s meeting with the apex bank’s governor, Godwin Emefiele, in his country home in Daura, Katsina State on Sunday.

Wahala dey: Nigerians Drag CBN Over ‘Mutating’ New Naira Notes

Emefiele briefed correspondents after the meeting, revealing that 75 percent of the N2.7 trillion held outside the banking system has been recovered.

“We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system, he said.

“Nigerians in the rural areas, villages, the aged, and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.

“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit
their legitimately trapped monies at the CBN for exchange.

“Based on the foregoing, we have sought and obtained Mr. President’s approval for the following:

CBN Extended the Deadline

“10-day extension of the deadline from
January 31, 2023, to February 10, 2023; to
legitimately held monies by Nigerians and achieve more success in cash swaps in our rural communities after which all old notes outside the CBN lose 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, is in
compliance with Sections 20(3) and 22 of the CBN Act which allows Nigerians to deposit their old notes at the CBN after the February deadline when the old
the currency would have lost its Legal Tender status.

“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch-free implementation of this very important process for the program.”

Read also: