Wed, Mar

CBN Extends Use Of Old Naira Notes Till February 10


The Central Bank of Nigeria (CBN) through its Governor, Godwin Emefiele has on 29th January 2023 announced a 10 days extension of the deadline from 31st January to 10th February 2023 for the use of old naira cut across the nation. This was made known by the CBN boss, in Daura, Katsina State after meeting and gaining approval of President Muhammadu Buhari for the extension deadline, more so noting that Nigerians will be able to deposit their old naira note directly with the apex bank until the 17th February 2023 as described as "grace period".

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 the 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.”

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

The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.