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JUST IN: Old Naira Notes to remain legal tender till February 10th as CBN extends deadline

T.I Ukende
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The Central Bank of Nigeria has announced the extension of deadline for the old Naira Notes (N200, N500 and N1000) which was earlier given as January 31st.

According to a statement released by The Special Assistant to the President on Digital Communication, Bashir Ahmed, the Central Bank has signed the extension of time for the old Naira Notes to February 10th. This implies that the old Naira Notes will still remain legal tender till the new date elapsed.

Bashir revealed further that the CBN says it has so far collected about N1.9 trillion of the old Naira Notes through deposits from commercial Banks across the country.

There will also be a 7-day grace period, beginning on Feb. 10 to Feb. 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 Feb. deadline when the old currency would have lost its Legal Tender status.

Recall that, the CBN had stated in October last year (2022) that it will redesign the N200, N500, and N1,000 banknotes, with a deadline of January 31 for the return of the outdated notes to the banks. The CBN Governor, Emefiele, reminded journalists that the January 31 deadline was sacrosanct during the launch of the new naira notes at the State House on November 23, 2022.

However, as the deadline approaches, pressure has increased on the CBN to rethink the regulation and extend the deadline. But the apex bank reaffirmed Monday that the deadline for old naira notes on January 31 could not be extended. The Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar, the Nigerian Bar Association (NBA), the Arewa Consultative Forum (ACF), and Arewa Youths for Development and National Unity (AYDNU) joined the growing list of Nigerians and organizations calling for a review of the policy and an extension of the deadline, prompting the Central Bank of Nigeria to insist.

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