By Business Editor, NewsBits
Apparently following the chaotic situation and uproar across the country regarding the January 31, deadline for the expiration of the old Naira notes, President Muhammadu Buhari has approved a 10-day extension of the expiry date of the old Naira notes from January 31, 2023, to February 10, 2023.
Recall that Nigeria redesigned the ₦200, ₦500, and ₦1000 denominations and put the deadline at January 31, 2023. However, Nigerians have been suffering because the newly introduced denominations are no where to be found both in banks and Automated Teller Machines. As a matter of fact, NewsBits, correspondents from across the country as at Friday reported that the shortage of the newly redesigned naira notes cuts across the major cities, just as Deposit Money Banks (DMBs) all over the nation were still giving customers old notes.
President Muhammadu Buhari (right) with Mr Godwin Emefiele, Governor of Central Bank
Announcing this in a statement on Sunday after a meeting with the President, Central Bank Governor, Mr Godwin Emefiele, added that the President approved the 10-day extension of the deadline from January 31, 2023, to February 10, 2023 to allow for 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 losses their Legal tender status.
The CBN governor who had been adamant all the way until now said there would be an additional 7-day grace period beginning from February 10 to February 17, 2023, in compliance with Section 20(3) and 22 of the CBN Act allowing Nigerians deposit their old naira notes at the CBN after the February 10 deadline when the old notes would have lost its legal status.
“He said: “So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion.”
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent 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.”
Emefiele however did not address the concerns of Nigerians regarding the shortage of the new Naira notes that are not available to Nigerians.
Please find attached the release by the CBN.
