Buhari bows to pressure agrees 10 more days extension of old naira swap

President Muhammadu Buhari in Daura on Sunday approved a request by the Central Bank of Nigeria (CBN) to extend the deadline for replacing old naira notes by 10 days.
The new deadline is 10 February 2023 compared to 31 January 2023.

Nigerians will have a 7-day grace period from February 10, 2023 to February 17, 2023, allowing them to convert their old banknotes to CBN after the old currency loses its fiat currency status.

This came after the president met Sunday with major bank governor Godwin Emefiele at his country house in Daura, Katsina state.
After the meeting, Correspondent Emefiele shows that 75% of trillion N2.7 not kept in 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 legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses 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. “7-day grace period from February 10, 2023 to February 17, 2023
Comply with sections 20(3) and 22 of the CBN Act to allow Nigerians to deposit their old banknotes with the CBN after the February deadline.

The currency will lose its legal tender status.
“Therefore, we call on all Nigerians to work together with the Central Bank of Nigeria to ensure the smooth implementation of this very important process for the program.”