The Central Bank of Nigeria (CBN) has said President Muhammadu Buhari on Sunday approved a 10-day extension of the deadline for currency swap from old to new notes.

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele who confirmed this also stated that the new deadline is now Feb.10.

He said Nigerians, who were yet to change their Naira notes from the old to new ones, ”now have an opportunity to do so”.

“Based on the foregoing, we have sought and obtained Mr. President’s approval for a 10-day extension of the deadline from January 31, 2023 to February 10, 2023: to allow for the collection of more old notes legitimately owned by Nigerians and achieve success more success in cash swap in out rural communities after which the old notes outside the CBN losses their legal tender status. Our CBN staff currently on mass mobilisation and monitoring together with EFCC and ICPC will work together to achieve these objectives.

The Apex Bank Governor said the CBN has given consideration to all provisions of the Act establishing it by creating another window for direct swap at all branches of the CBN.

He said, “A 7-day grace period beginning from 10th to 17th February, 2023 in compliance with section 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old Naira at the CBN after February deadline when the old currency would have lost it’s legal tender status.

The statement said the extension was borne out of the desire to give all Nigerians that have Naira legitimately earned and trapped an opportunity to deposit same for exchange.

Emefiele expressed satisfaction that the policy has achieved the desired goal, with another opportunity by this extension to close down on Naira outside the banking system.

“We are that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages and aged and vulnerable have had the opportunity to swap their old note: leveraging the Agent Naira Swap Initiative as well as CBN senior staff nationwide sensitisation team exercise”, he said.

He also appealed to Nigerians to work together with the CBN to ensure a hitch-free process for the implementation of the naira redesign and swap process.