Breaking News CBN Extends Cash Swap Deadline to February 10th
President Muhammadu Buhari has approved a 10-day extension of the deadline for the swapping of the old notes to the redesigned new currency.
President Muhammadu Buhari has approved a 10-day extension of the deadline for the swapping of the old notes to the redesigned new currency.
The new deadline will now be the 10th of February 2023.
This is the outcome of a meeting between President Muhammadu Buhari and the Givernor of the Central Bank, Godwin Emefiele in Daura Katsina State.
After the meeting, the Governor of the Apex Bank disclosed to journalists that 75 percent of the N2.7 trillion held outside the banking system has been recovered and he said 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.
Emefiele revealed that President Buhari also approved another seven-day grace period, beginning on February 10 to February 17,2023, to enable Nigerians to deposit their old notes at the CBN after the February 10 deadline when the old currency would have lost its Legal Tender status.
Emefiele says the 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 allowing Nigerians to deposit their old notes at the CBN.
The Governor of the Apex Bank has been under intense pressure over his insistence on the January 31 deadline, he has also shunned several invitations and directives from the National Assembly to shift the deadline.
Also the Presidential Candidate of the All Progressives Congress had criticised the policy for inflicting hardship on Nigerians and called for an extension of the deadline
The 10-day extension, may now calm frayed nerves and give more time for Nigerians to deposit their old currencies before it stops being a legal tender.
TVC News