Following public outcry about the scarcity of new notes and the difficulty in transacting business occasioned by rejection of old notes, the CBN says it has obtained approval of the president to extend the deadline for old notes to 10 February 2023.
In a statement signed by the CBN governor,Godwin Emefiele, on Sunday 29 January 2023, the apex bank said old notes can still be deposited with the bank till 17 February 2023.
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.
“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”.
The CBN governor called on Nigerians to cooperate in the implementation of the policy.
NewsAnnexOnline 