Home News Naira Redesign : CBN Succumbs, Extends Old Naira Use Deadline Till February...

Naira Redesign : CBN Succumbs, Extends Old Naira Use Deadline Till February 10

The Central Bank of Nigeria has extended deadline for the exchanging of old naira notes till February 10, 2023, reports www.totorinews.com.

The apex bank said it added “a 10-day extension of the deadline from January 31, 2023, to February 10, 2023, to allow for the collection of more old notes.”

The CBN governor, Godwin Emefiele stated this in a press release to the media.

He also noted that Nigerians would still be able to deposit their old notes directly with the CBN until February 17, 2023, described as “grace period.”

There has been pressure from many Nigerians and groups concerning the initial January 31 deadline for the old notes, as the scarcity of the newly designed 200, 500, and 1000 naira notes prevailed in the country.

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 noteslegitimately 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 mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives.

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.”

Emefiele also sought the cooperation of all Nigerians in the implementation of the policy.

The CBN, before bowing to pressure today, had yesterday (Saturday) insisted that the January 31 deadline for the validity of the old 200, 500 and 1,000 naira notes remained unchanged.

The apex bank, via its verified Twitter page, insisted on Saturday evening that the January 31, 2023 deadline remained.

Reposting a video of the CBN Governor, Godwin Emefiele, from a just concluded Monetary Policy Committee meeting, the apex bank said, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.

“Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”

“Available data at the bank showed that in 2015, currency-in-circulation was only N1.4 trillion. As of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the banking Industry and N2.7 trillion held permanently in people’s homes.

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

According to him, 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 sensitisation 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,” he said.

Copyright © 2020 Totorinews.com All rights reserved. The information contained in Totorinews.com may not be published, broadcast, rewritten, or redistributed without giving due credit to Totorinews.com as the source.

LEAVE A REPLY

Please enter your comment!
Please enter your name here