CBN has extended the deadline for using old naira until February 10

The Central Bank of Nigeria has extended the deadline for using old naira until February 10.

According to Emefiele, 75% of the N2.7 trillion stored outside of the banking system has been retrieved.

Up until February 10, old notes may still be used, according to the Central Bank of Nigeria (CBN).

The extension was disclosed by CBN Governor Godwin Emefiele in a statement published on Sunday.

He said that the apex bank had asked President Muhammadu Buhari for permission to extend the time limit for using the old notes by ten days.

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In light of the aforementioned, the statement stated, “We have requested and received Mr. President’s consent for the following: a 10-day extension of the deadline from January 31 to February 10 to enable the collection of more old notes lawfully owned by Nigerians.”

“A 7-day grace period, beginning February 10 and ending February 17, in accordance with Sections 20(3) and 22 of the CBN Act, will enable Nigerians to deposit their old notes at the CBN after the February deadline by which the old currency would have lost its legal tender status.”

The CBN Governor also requested everyone in Nigeria’s assistance in making sure the policy’s implementation went off without a hitch.

Many Nigerians had trouble depositing their old banknotes before the top bank expanded the use of the naira.

Many Nigerians have been rushing to meet the initial deadline of January 31 in a disorderly manner, flooding bank rooms with large amounts of old currency to exchange for new.

Others can be seen waiting in long lines at the few ATM locations that have the new naira notes available in various regions of the nation.

Some Nigerians, notably the presidential candidate of the ruling All Progressives Congress (APC), criticised the naira makeover, alleging that it was done to thwart his bid for the presidency.