CBN Extends Deadline For Use Of Old Naira Notes

CBN Extends Deadline For Use Of Old Naira Notes

Zainab Tanimu

Kaduna, Northwest Nigeria

The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes.

The new deadline is now 10 February instead of the former 31 January deadline.

CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

The CBN governor, who spoke to journalists Sunday morning, said he had the approval of President Muhammadu Buhari for the extension.

The new deadline is now 10 February instead of the former 31 January deadline, he said.

Mr Emefiele spoke in Daura, Katsina State, North West Nigeria after a meeting with the president who is in his home state for official duties.

Mr Emefiele said Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.

He said people must utilize the opportunity because the deadline will not be extended again.

However, the new notes have been scarce, thus leading to calls for an extension.

Mr Emefiele did not however elaborate on what the central bank was doing to resolve the scarcity of the new notes.

Recall that the CBN last October introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st January for the use of the old notes.