Old naira notes: CBN extends deadline to Feb 10

The Central Bank of Nigeria (CBN) has extended the deadline for the collection of old naira notes to February 10, 2023.

The CBN had fixed January 31 as the deadline for the validity of old N200, N500, and N1,000 banknotes.

The development generated reactions from Nigerians as there were calls for an extension of the deadline.

President Muhammadu Buhari on Sunday in Daura, Katsina State, approved the 10-day extension of the deadline for the swapping of currency to new notes.

The Governor of the Central Bank of Nigeria (CBN), who confirmed this to newsmen in Daura, Katsina State, revealed that the new deadline is now February 10.

Emefiele, who was in Daura on Sunday morning, had a closed door meeting with the Buhari, where he obtained the approval.

He said Nigerians, who were yet to change their Naira notes from the old to new ones, “now have an opportunity to do so”.

The apex bank’s governor however cautioned that people must utilise the opportunity because the deadline would not be extended again.

The Senate and House of Representatives had also called for an extension of the deadline.

The Star recalls that the apex bank announced plans to redesign N200, N500, and N1,000 notes on October 26, 2022.

It later set December 15 as the official commencement date for the circulation of the new naira notes, which President Muhammadu Buhari unveiled on November 23, 2022.

The CBN later issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will attract processing fees of five per cent and 10 per cent, respectively.

The Star