CBN Extends Naira Swap Deadline To February 10

The Central Bank of Nigeria (CBN) has extended the deadline for the swapping of the old N200, N500 and N1,000 naira notes with the newly redesigned ones, to February 10, 2023.

President Muhammadu Buhari approved the extension of the January 31 deadline at a meeting at his country home in Daura, with the Central Bank of Nigeria (CBN) governor, Godwin Emefiele on Sunday.

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The Central Bank of Nigeria (CBN) governor also announced a seven day grace period between February 10 and February 17 for the deposit of the old notes at the apex bank.

Emefiele, addressing newsmen after the meeting said, the extension was to enable those with legitimate earned old naira notes to deposit them in banks.

The apex bank governor said about 75 percent or N1.9 trillion out of the old naira in circulation had been returned to the vaults of banks

According to Emefiele, this left N900 billion of the old notes still in circulation.