CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has announced a 10-day extension of the deadline for the use of old naira notes across Nigeria. The new deadline is February 10 instead of the old one of January 31.

Governor of Central Bank, Godwin Emefiele who visited President Muhammadu Buhari in Daura today, Sunday said the Nigerian President gave an additional 10 days grace for the exercise.

“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.

In addition he announced : “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.”