The Central Bank of Nigeria (CBN) has extended the deadline for the use of the old naira notes till February 10.
CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.
He explained that the extension came following an approval by Mr President, Major-General Muhammadu Buhari.
“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 read.
“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 further solicited the cooperation of all Nigerians in ensuring a smooth process for the implementation of the monetary policy.
The extension is expected to calm people down from the rush and difficulty informed by the previously announced January 31st deadline.
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