CBN extends old naira swap deadline till February 10

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes in the country till February 10.

CNB had earlier directed all Deposit Money Banks in the country to open for operation on Saturdays and Sundays.

In a statement by the CBN Governor, Godwin Emefiele says an approval from the President gives 10-day extension of the deadline from January 31, 2023 to February 10, 2023 to allow for collection of more old notes legitimately held by Nigerians and achieve more successes in cash swap in the rural communities.

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“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,” the statement read.

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According to the statement, a 7-day period, beginning on February 10 to February 17, 2023 in compliance with Section 20(3) and 22 of the CBN Act will allow Nigerians to deposit their notes at the CBN after the February deadline when the old currency would have lost its legal tender status.

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The CBN Governor appealed to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch-free process for the implementation.