Update: Why CBN Extends Deadline For Old Naira Notes Swapping

Details have emerged on the extension of the swaps of the old Naira notes to the redesigned N1000, N500 and N200 denominations.

The Nigerian Voice had earlier reported that the Central Bank of Nigeria, CBN, on Sunday extended the deadline by 10 days.

Godwin Emefiele, the CBN governor, announced this development in a press statement issued on Sunday.

Emefiele said the new deadline is now February 10, 2023 as against the initial January 31st.

He revealed that 75 percent of the N2.7 trillion held outside the banking system has been recovered.

He 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 sensitisation 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 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.
“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.”