Following several complaints by Nigerians on the need to extend the deadline for the use of old Naira notes as legal tender, the Central Bank of Nigeria has bowed to the pressure by giving additional ten days for the old notes to be in circulation before being outlawed across the country.

The apex bank had announced the redesigning of 1000, 500, and 200 Naira notes, to correct certain indices within the economy such curbing inflation, and money laundering. The CBN also noted that members of the public were hoarding the notes, as 85 per cent of the currency had been hoarded. The CBN further had declared January 31st, 2023 as the deadline for the use of the old notes.

CBN Governor Godwin Emefiele

But the introduction of the new notes have been plagued by the problem of scarcity leading many Nigerians to express their grouse with the deadline set by the apex bank because the insufficiency of the notes can impede financial transactions across the country.

CBN governor, Godwin Emiefele, in a press statement on Sunday announced that the apex bank has decided to extend the deadline for the swap and use of the old notes to February 10th, 2023. The new directive was given after the consultation with President Muhammadu Buhari, to allow more collection of old notes and to achieve more success in the cash swap in the rural communities.

The CBN governor also noted that another 7-day grace period will be given to Nigerians to take their old notes to the apex bank after the deadline.

He said “Based on the foregoing, we have today sought and obtained Mr President’s approval for the following: a 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural areas, in our villages and communities after which all old notes outside the CBN loses their Legal Tender Status. Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.

“A 7-day grace period, beginning on 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 at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”

Mr Emiefele further ordered the commercial banks to load new notes into their Automated Teller Machines to ensure an equitable and transparent mechanism for the distribution of the new notes to all Nigerians.