President Muhammadu Buhari has approved the Central Bank of Nigeria’s (CBN) request for the extension of the deadline for swapping of old Naira notes to the new ones.
A seven-day grace period, beginning on February 10 to February 17,2023, has also been allowed to enable Nigerians to deposit their old notes to the CBN after the February deadline when the old currency would have lost its Legal Tender status.
“A 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to legally be held by Nigerians and to more successfully conduct cash swaps in our rural communities; following which, all old notes outside the CBN lose their Legal Tender Status.”
With the same time, “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.”
This came after the President met with Godwin Emefiele, governor of the top bank, on Sunday at the latter’s country residence in Daura, Katsina State.
Following the meeting, Emefiele briefed reporters and stated that 75% of the N2.7 trillion stored outside the banking system had been recovered.
“We are pleased that so far, the effort has succeeded in capturing almost 75% of the N2.7 trillion kept outside the banking system,” he said. Utilizing the Agent Naira Swap program as well as the CBN Senior Staff nationwide sensitization team exercise, Nigerians in rural areas, communities, the elderly, and the most vulnerable have had the opportunity to swap their old notes.
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 chance to deposit that legally trapped money at the CBN for exchange.
“In light of the aforementioned, we requested and received Mr. President’s consent for the following:
“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.
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.
Later, more information…
