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BREAKING: CBN Bows To Pressure, Extends Deadline For Old Naira Notes

CBN has finally extended the deadline for old Naira notes.

TheTimes reports that the Central Bank of Nigeria (CBN), Nigeria’s apex bank led by Governor Godwin Emefiele, has finally extended the deadline for the exchange of old naira notes by 10 days.

This online news platform understands that the CBN in a press statement issued on Sunday, January 29, 2023, by Godwin Emefiele, the CBN governor, said the new deadline for old Naira notes is Friday, February 10, 2023.

Meanwhile, TheTimes Nigeria reports that this is coming a day after the Central Bank of Nigeria (CBN) insisted that the January 31 deadline for the validity of the old 200, 500, and 1,000 naira notes remain unchanged.

This is as calls from various quarters have poured in pleading and demanding with the apex bank to shift grounds and extend the deadline in order to allow Nigerians more time to return their old notes to deposit money banks, better known as commercial banks.

But refusing to yield to pressure, the apex bank, via its verified Twitter page, insisted on Saturday evening, January 28, 2023, that the January 31, 2023 deadline remains.

Reposting a video of the CBN Governor, Godwin Emefiele, from the just concluded Monetary Policy Committee meeting, the apex bank said, “Deadline for the return of old series of 200, 500 and 1000 naira notes remains January 31 2023.”

While in the video posted Emefiele said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.

“The reason is because, just like the president has said more than two occasions and even to some people privately, 100 days is more than enough for anybody who has the old currency to deposit it in the banks. And we took every measure to ensure that all the banks were and are still open to accept deposits.”

However, today, the CBN Governor has issued another statement extending the deadline for the old Naira notes to February 10, 2023.

The CBN Governor said on Sunday that as a result of measures put in place to ease the scarcity, President Muhammadu Buhari has given approval for the extension of the deadline.

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