Breaking: Buhari Approves 10-Day Extension of Old Naira Notes Expiry Date, Deadline Now February 10.

*Additional 7-day grace period to allow CBN receive old notes after February 10 deadline 

Deji Elumoye in Abuja and Nume Ekeghe in Lagos

President Muhammadu Buhari has approved a 10-day extension of the expiry date of the old Naira notes from January 31, 2023 to February 10, 2023.

Announcing this in a statement on Sunday after a meeting with the President in Daura, Katsina State, Central Bank  Governor, Godwin Emefiele, added that the President approved the 10-day extension of the deadline from January 31, 2023, to February 10, 2023 to allow for collection of more old notes 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

Emefiele said there would be an additional 7-day grace period beginning from February 10 to February 17, 2023, in compliance with Section 20(3) and 22 of the CBN Act allowing Nigerians deposit their old naira notes at the CBN after the February 10 deadline when the old notes would have lost its legal status.

“He said: “So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion.

Also briefing journalists after the meeting, the CBN governor said: “We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system. 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; to 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 seven-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.

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