CBN extends deadline for swap of old notes

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CBN fixes new deadline for swap of naira
The new Naira notes coming into circulation in Nigeria

 

Admin l Sunday, January 29, 2023

 

LAGOS, Nigeria – The Central Bank of Nigeria, CBN  has extended the deadline for swap of old notes from the initial March 31 to February 10, 2022.

After February 10, there will be a grace period of seven days up to February 17.

“A grace period beginning on February 10 to February 17, 2023 in compliance with Section 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 apex bank said.

The bank appealed to Nigerians work with it to ensure a hitch-free process for the implementation of this  very important program”, Governor of Central Bank, Mr. Godwin Emefiele said in a statement.

The apex bank said it extended the deadline for the swap of the higher denominations, N1000, N500 and N200 notes to allow for collection of more old notes from members of the public by the banks.

Recall that Naira swap policy had attracted opposition from politicians led by the National Assembly, all calling for extension beyond June 2023 when President Muhammadu Buhari would have left office.

The apex bank had insisted that there would be no extension of the deadline.

However, many Nigerians had besieged the banks in the quest to beat the deadline making some banks to extend their operation to Saturdays and Sundays.

 

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