JUST IN: CBN extends old naira notes usage to Feb 10


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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that President Muhammadu Buhari has approved the apex bank’s request to extend the deadline for swapping of old naira notes to the redesigned ones.

Emefiele made the disclosure while briefing newsmen shortly after a meeting with the president in his country home in Daura, Katsina State today.

Recall that the CBN had set January 31 as deadline for the old N200, N500, and N1,000 notes to cease to be legal tender.

Emefiele said that the deadline has been extended to February 10th, 2023.

He further explained that a seven-day grace period, beginning on February 10 to February 17, 2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.

Also, Emefiele disclosed that 75 percent of the 2.7 trillion naira held outside the banking system has been recovered.

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