BREAKING: Buhari extends deadline for exchanging old naira notes

President Muhammadu Buhari has approved the request of the Central Bank of Nigeria (CBN) to extend the deadline for converting old Naira notes to the redesigned notes.

A seven-day grace period, commencing February 10 to February 17, 2023, has also been approved to allow Nigerians to deposit their old notes with the CBN after the February deadline when the old currency would have legal tender status lost.

“10 day extension of the deadline of
January 31, 2023 to February 10, 2023; to be legally owned by Nigerians and achieve greater cash exchange success in our rural communities, after which all old notes outside the CBN will lose their legal tender status.

While, “A grace period of 7 days, commencing 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 with the CBN after the February deadline when the old
currency would have lost its legal tender status.”

This followed the president’s meeting with top bank governor Godwin Emefiele on Sunday at his mansion in Daura, Katsina state.

Emefiele briefed correspondents after the meeting and revealed that 75 percent of the N2.7 trillion held outside the banking system has been recovered.

He said: “We are pleased that the exercise has so far achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. Nigerians in rural areas, villages, the elderly and the vulnerable have had the opportunity to exchange their old notes; utilizing the Agent Naira Swap initiative and the CBN Senior staff nationwide awareness team exercise.

“Apart from those who keep illegal/stolen Naira in their homes for speculative purposes, we aim to give all Nigerians who have legitimately earned and trapped Naira the opportunity to deposit their legitimately captured money with the CBN for exchange.

“Based on the foregoing, we have sought and obtained approval from Mr. President for the following:

“Our CBN staff currently mass mobilizing and monitoring, along with EFCC and ICPC officials, will work together to achieve these objectives.

“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure that the implementation of this very important process for the program runs smoothly.”

More details will follow later…