The Central Bank of Nigeria (CBN) has finally extended the deadline for the exchange of old Naira notes with new ones.
The apex bank has now moved the deadline from January 31, 2023 to February 10, 2023.
CBN Governor Godwin Emefiele says he has President Buhari’s permission to effect the extension.
Emefiele says thus far, CBN has collected 1.9 trillion and is left with 900billion to achieve effective implementation of the policy.
The Naira swap policy has been lampooned across board because the new N1000, N500 and N200 notes have not been made readily available to the public.
Nigerians have been lining up at bank ATMs and inside banking halls to lay their hands on the new notes, but to their dismay, only the old notes keep popping out.
The CBN Governor had been obstinate in the face of calls for an extension of the deadline, given the scarcity of the new notes.
During a Monetary Policy Committee (MPC) meeting last week, a stern-looking Emefiele had reiterated that the deadline for the swap won’t be extended.
President Muhammadu Buhari has approved the Central Bank of Nigeria’s (CBN) request for the extension of the deadline for swapping of old Naira notes to the redesigned ones.
A seven-day grace period, beginning on February 10 to February 17, 2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
This followed the President’s meeting with the apex bank’s governor, Godwin Emefiele, in his country home 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 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 be
legitimately held by Nigerians and achieve more success in cash swap 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, 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 implementation of this very important process.”