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CBN bows to pressure, extends deadline for old notes till February 10



The Central Bank of Nigeria (CBN) has bowed to public pressure and extended the swap of old naira notes for the redesigned notes till February 10.

Godwin Emefiele, the governor of the CBN, in a statement on Sunday said President Muhammadu Buhari gave the approval for the extension of the deadline.

He 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 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, 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.”

NewsWireNGR reports that CBN had earlier insisted that the deadline for the currency swap is January 31 despite the scarcity experienced by many bank customers.

The Senate has also pleaded with the apex bank to extend the deadline by six months to give Nigerians enough time.

Meanwhile, the presidency on Saturday said the redesign of the Naira notes was aimed at elites hoarding illicit funds and not the common man.

The Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement said; “The currency changes is aimed at people hoarding illicit funds and not the common man, it became necessary to prevent counterfeits, corruption, and terrorist financing. It will stabilize and strengthen the economy on the long run,” Shehu stated on behalf of the presidency.”

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