The Central Bank of Nigeria (CBN) has announced the extension of the use of old naira notes from the initial January 31 deadline to a new date – February 10.
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In a statement issued on Sunday by the CBN Governor, Godwin Emefiele, the extension was approved by President Muhammadu Buhari.
“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 to February 10 to allow for the collection of more old notes legitimately held by Nigerians,” the statement read.
“A 7-day grace period, beginning from February 10 to February 17, 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.”
The CBN Governor also solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.
Prior to the extension, many Nigerians have been experiencing difficulty in depositing their old banknotes.
Despite the assurance given by the CBN of availability of the new naira notes most commercial banks in the country are still giving customers old notes.
The naira redesign was greeted by criticism by some Nigerians, including the presidential candidate of the ruling All Progressives Congress (APC), saying the policy was intended to scuttle his presidential ambition.