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BREAKING: CBN Extends Deadline For Use Of Old Naira Notes

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CBN: We did not authorize commercial banks to collect old notes

The Central Bank of Nigeria (CBN) has extended the deadline for the use of old naira notes in Nigeria by ten days.

iexclusivenews reports that the CBN governor, speaking to journalists Sunday morning, said he had President Muhammadu Buhari’s approval for the extension.

He stated that the new deadline is now February 10th, rather than the previous deadline of January 31st.

Mr Emefiele spoke in Daura, Katsina State, after a meeting with the president who is in his home state for official duties.

Mr Emefiele said Nigerians, who are yet to change their naira notes from the old to new ones, now have an opportunity to do so.

He said people must utilize the opportunity because the deadline will not be extended again.

However, iexclusivenews Nigeria reported how the CBN last October introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st January for the use of the old notes.

However, the new notes have been scarce, thus leading to calls for an extension.

Mr Emefiele did not elaborate on what the central bank was doing to resolve the scarcity of the new notes.


Details later…