President Buhari Extends The Naira Notes Swap To February 10th

 

Nigeria's President, Muhammadu Buhari has approved the request of the Central Bank of Nigeria to extend the deadline for the swapping of old Naira notes to the redesigned ones from January 31,2023 to February 10, 2023.

The seven-day grace period, beginning on February 10 to February 17, 2023, has been approved to enable Nigerians deposit their old notes at the various commercial banks before the February deadline when the old currency would have lost its status as a Legal Tender.

This development followed the President's meeting with the Central Bank's Governor, Godwin Emefiele, in Daura, Katsina State on Sunday.

Emefiele briefed correspondents after the meeting, revealing 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 the 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 monies by Nigerians and achieve

more success in cash swaps in our rural

communities after which all old notes outside the CBN lose 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, is in

compliance with Sections 20(3) and 22 of the CBN Act which allows Nigerians to deposit their old notes at the CBN after the February deadline when the old

the 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 implementation of this very important process for the program.”