CBN, Buhari Bow To Pressure, Extend Deadline For Old Naira Notes Swap

Following the hues and cries and pressure mounted by Nigerians, President Muhammadu Buhari on Sunday met with the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and approved the request for the extension of the deadline for the swapping of old Naira notes to the redesigned ones.

This was as the Governor of the CBN, Mr. Godwin Emefiele said the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system.

With the 10 additional days, the initial deadline of January 31, 2023 has been extended to February 10, 2023.

Similarly, a seven-day grace period commencing on February 10, 2023 to February 17, 2023, has been graciously approved to enable Nigerians deposit their old notes at the CBN after the February deadline when the old currency would have lost its legal tender.

The presidential approval was the outcome of Buhari’s meeting in his country home in Daura, Katsina State with the CBN Governor, Mr. Emefiele.

Briefing journalists at the end of the meeting with President Buhari, the governor of the CBN, Emefiele said that 75 percent of the N2.7 trillion held outside the banking system has been recovered.

In the words of Emefiele; “Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes, leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.

“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.

“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: 10-day extension of the deadline from January 31, 2023, to February 10, 2023.

“We have recovered monies legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses 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,” Emefiele said.

The CBN Governor appealed to Nigerians to work with the apex bank to ensure a hitch free implementation of the process for the programme.