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CBN extends the old Naira’s expiration date till February 10

In response to criticism from Nigerians following the chaos that followed the launch of the redesigned currency, the Central Bank of Nigeria (CBN) has now extended the expiration of the three series of Naira until February 10, 2023.

This was said in a statement issued on Sunday, January 29, 2023, and authorized by CBN Governor Godwin Emefiele.

Recall that the apex bank had previously set January 31, 2023 as the deadline for Nigerians to return their old notes following the launch of the new notes last December.

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Due to the scarcity of the newly designed notes in circulation, the CBN has now decided to extend the deadline by 10 days in order to allow for the collection of more old notes.

Emefiele stated that the CBN has been given permission by President Muhammadu Buhari to extend the deadline of the old notes by 10 days.

The statement reads: “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”.

“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.”

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