BREAKING: Finally, CBN Bows To Pressure, Extends Deadline For Old Naira Use Till February…

Finally, CBN Bows To Pressure, Extends Deadline For Old Naira Use Till February.

BrandNewsDay reports that the Central Bank of Nigeria (CBN) has announced that the apex bank has extended the deadline for using old naira notes as legal tender.

The CBN has extended the deadline for the use of the old notes till February 10, 2023. CBN Governor made the announcement of the extension in a statement signed on Sunday.

BrandNewsDay Nigeria recalls that Emefiele has been in the headlines over his refusal to shift the January 31st deadline given to Nigerians to change their old naira note. The new deadline is now 10 February instead of the former 31 January deadline, he said.

CBN Governor, Godwin Emefiele, in a statement on Sunday, said President Muhammadu Buhari approved the deadline’s extension.

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 the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all the old naira notes outside the CBN loses their Legal Tender Status. Our CBN staff currently on mass mobilization and monitoring with officials of the EFCC and ICPC will work together to achieve these objectives.

“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.”

The Senate has also pleaded with the apex bank to extend the deadline by six months to give Nigerians enough time.

Meanwhile, the presidency on Saturday said the redesign of the Naira notes was aimed at elites hoarding illicit funds and not the common man.

The Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement said; “The currency changes are aimed at people hoarding illicit funds and not the common man, it became necessary to prevent counterfeits, corruption, and terrorist financing. It will stabilize and strengthen the economy in the long run,” Shehu stated on behalf of the presidency.”