President Muhammadu Buhari has approved a request by the Central Bank of Nigeria (CBN) to extend the deadline for the use of the old N200, N500, and N1000 notes by ten days.
Godwin Emefiele, the CBN governor announced the approval in a statement on Sunday after a meeting with the president in his country home in Daura, Katsina State.
“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 reads.
A seven-day grace period after the 10 February deadline was also approved for Nigerians to swap their old naira notes with the redesigned notes at the apex bank.
“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,” Emefiele added.
Before the extension, the CBN governor had earlier rebuffed entreaties to extend the deadline by various stakeholders, insisting that 31 January remains sacrosanct.
To beat the initial deadline, the scramble by many Nigerians to deposit their old notes in commercial banks in exchange for the redesigned naira notes has been chaotic.
Commercial banks, on their part, announced plans to work this weekend to mop up the old currency notes.
