JUST IN: Real Reason CBN Extended Old Naira Expiration Deadline till February 10
The Central Bank of Nigeria (CBN) has extended the expiration of the three series of Naira which include the N200, N500, and N1,000 notes till February 10, 2023. This was contained in a statement...
The Central Bank of Nigeria (CBN) has extended the expiration of the three series of Naira which include the N200, N500, and N1,000 notes till February 10, 2023.
This was contained in a statement signed by the CBN Governor, Godwin Emefiele, on Sunday, January 29, 2023.
Recall the apex bank had earlier set January 31, 2023, as the deadline for Nigerians to return their old notes after the introduction of the redesigned notes last December.
However, the CBN has now decided to extend the deadline by 10 days to allow for the collection of more old notes due to the paucity of the redesigned notes in circulation.
As contained in the statement, Emefiele explained that President Muhammadu Buhari granted the CBN approval to extend the validity of the old notes by 10 days.
The statement partly read: “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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,”
“A 7-day grace period, beginning from February 10 to February 17, 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.”
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