Godwin Emefiele, Central Bank of Nigeria Governor, has announced an extension till February 10th before phasing out the old Naira notes.
The Punch reported that the apex bank added a 10 days grace period, thus shifting the deadline from January 31st to February 10th, 2023.
The CBN said the extension allows more collection of the old Naira notes.
READ ALSO: Nigerian family rejects old naira notes as bride price due to CBN deadline
Many Nigerians have been in a last-minute rush to meet the previous deadline of January 31st.
They decried the scarcity of the new N200, N500, and N1,000 notes which have not circulated very well.
CBN wants to collect more old notes
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: a 10-day extension of the deadline from January 31st, 2023, to February 10th, 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 loses their Legal Tender Status,” Emefiele said.
Furthermore, the apex bank governor stated that Nigerians can still deposit the old notes with the CBN until February 17th.
READ ALSO: CBN wahala: Food seller attacks man who paid her with new naira notes
CBN increases weekly cash withdrawal limits to N500k
Meanwhile, the Central Bank of Nigeria (CBN) eventually bowed to public uproar regarding the new cash withdrawal limit.
The Punch Newspapers reported that CBN now permits individuals to withdraw up to N500,000 weekly and organisations, N5 million per week.
This new development was communicated to commercial banks in a recent circular signed by Haruna Mustafa, the director of banking supervision department, on Wednesday.
