Godwin Emefiele, CBN Governor

The deadline for the exchange of old naira notes which originally was slated for 31 January has been extended to 10 February by the Central Bank of Nigeria.

Godwin Emefiele, the Governor of the Central Bank, revealed this after he visited President Muhammadu Buhari in Daura today. He said the President “gave an additional 10 days grace for the exercise.”

Nigerians who have yet to take their old notes to the bank can now take advantage of the extension window, adding that the deadline would not be extended again.

He added: “Based on the foregoing, we have sought and obtained Mr President’s approval for the following: a 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to allow for the 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 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,” CBN said in a statement.

As of Saturday, Emefiele had tweeted, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.” He attached a video of the CBN stating the bank’s position on old notes at the bank’s last Monetary Policy Committee (MPC) meeting.

In the video, Emefiele said, ”Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies. The reason is that just like the president has said on more than two occasions and even to some people privately, 100 days is more than enough for anybody with the old currency to deposit in the banks. And we took every measure to ensure that all the banks were and are still open to accepting deposits.”

Last year, the CBN introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st January 2023 for changing ohe old notes.

Pressures were mounted from every segment of society for the CBN to extend the deadline.