The Central Bank of Nigeria has extended the deadline for Nigerians to deposit old notes for newly redesigned ones. Nigerians now have until February 10 to do the swap.
There were reports of long queues at commercial banks over the weekend as Nigerians tried to hand in their old notes before the original deadline of January 31.
CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday. He explained that the apex bank had sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by ten days. “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,” Emefiele said.
He also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy. Before the apex bank extended the use of the naira note, many Nigerians experienced difficulty in lodging their old banknotes.
