CBN extends deadline for acceptance of old naira notes to February 2023

The Central Bank of Nigeria (CBN) has extended the deadline for the acceptance of old naira notes at commercial banks in Nigeria by 10 days.

The CBN Governor, Godwin Emefiele, in a press statement issued on Sunday said the new deadline is February 10, 2023 and there will also be an extended deadline for collection of the old notes after February 10.

The CBN governor said, as a result of measures put in place to ease the scarcity of new naira notes to the general public, President Muhammadu Buhari has given approval for the extension of the deadline.

He said: “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 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 loses 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.”

He further said there will be “A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act, allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”

Read More Post on the New Naira Notes and Cash Withdrawal Limits below

CBN imposes new Cash Withdrawal limits on Nigeria Bank Accounts – Full Circular to Banks
Reps ask CBN to suspend new Cash Withdrawal Limits, summons CBN Governor
CBN Circular on Revised Cash Withdrawal Limits effective 09 January 2023
CBN Launches Old Naira to New Naira Notes Swap Programme
CBN extends deadline for acceptance of old naira notes to February 2023
Full Press Statement by CBN on Progress of Implementation of New Naira Notes & Extension of Deadline till February 2023

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