BREAKING: CBN EXTENDS DEADLINE FOR USE OF OLD NAIRA NOTES FROM JANUARY 31ST TO FEBRUARY 10TH 2023

The Central Bank of Nigeria (CBN) has today extended the deadline for use of old naira notes by 10 days, from January 31st to February 10th 2023

The CBN governor, Godwin Emefiele, in a press statement on Sunday said that the deadline extension is with the approval of President Muhammadu Buhari.

The statement reads,

“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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians.”

“A 7-day grace period, beginning from February 10 to February 17, 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 Central Bank of Nigeria (CBN) has equally approved a seven-day grace period, beginning on February 10, 2023 and ending on February 17, 2023.

This grace period is intended to give Nigerians an opportunity to deposit their old notes at the CBN after the February deadline, when the old currency will have lost its legal tender status.

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This will allow individuals to exchange their old notes for new ones before the deadline and avoid any potential losses.

Today, the President gave his approval during a meeting with the Governor of the apex bank, Godwin Emefiele, at his country home in Daura, Katsina State.

This is a significant step forward in the implementation of the President’s plans for the country.

The meeting was a positive one, and the two leaders discussed the various ways in which the President’s plans could be brought to fruition.

It is clear that the President has the full support of the Governor of the apex bank, and this is a major step forward in the implementation of the President’s plans.

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At a briefing with journalists following the meeting, Governor Emefiele reported that the Central Bank has been successful in recovering 75 percent of the N2.7 trillion held outside the banking system.

He expressed his appreciation for the progress made and thanked all those involved for their hard work and dedication.