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Till February 10, 2023, the Central Bank of Nigeria (CBN) has extended any use of previous currency.
The extension was disclosed in a statement released by CBN Governor Godwin Emefiele on January 29, 2023, a Sunday.
This occurs when Nigerians requested a delay in the deadline due to a lack of available new notes.
In order to allow Nigerians to deposit their old notes with the CBN after the deadline in January, when the old currency would have lost its legal tender status, a seven-day grace period, starting on February 10 and ending on February 17, 2023, has also been granted, according to the CBN.
This came after the President meeting with Godwin Emefiele, governor of the top bank, on Sunday at his country residence in Daura, Katsina State.
After the meeting, Emefiele briefed reporters and stated that 75% of the N2.7 trillion kept outside the banking system had been recovered.
He said:"We are pleased that so far, the exercise has achieved in transferring over 75% of the N2.7 trillion stored outside the banking system. Nigerians in rural areas, communities, the elderly, and the most vulnerable have had the opportunity to swap their old notes; Utilizing the Agent Naira Swap program as well as the CBN Senior Staff nationwide sensitization team exercise.
Apart from individuals who keep illegal or stolen money in their houses for speculation, our goal is to enable all Nigerians who have money that they have earned legally and trapped, the opportunity to deposit that legally trapped money at the CBN for exchange.
"In light of the foregoing, we requested and received Mr. President's permission for the following:
"A 10-day extension of the deadline from January 31, 2023, to February 10, 2023; this would allow Nigerians to hold notes legally and have better success with cash swaps in our rural communities before all old notes outside the CBN lose their legal tender status.
"Our CBN employees, who are now engaged in mass mobilization and monitoring, will collaborate with representatives from the EFCC and ICPC to accomplish these goals.
a seven-day grace period from February 10 to February 17, 2023
Nigerians are able to deposit their old notes at the CBN after the February deadline, after which the old money would have lost its legal tender status, in accordance with Sections 20(3) and 22 of the CBN Act.
Therefore, we make an appeal to all Nigerians to cooperate with the Central Bank of Nigeria in order to guarantee the smooth implementation of this crucial procedure and program.
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