The Central Bank of Nigeria (CBN) has shifted the deadline for Nigerians to deposit the old naira notes in their possession from January 31 to February 10.
At a news briefing today, January 29, the apex Bank Governor, Godwin Emefiele said that the extension is to give another chance for the citizens, especially in the rural communities, to deposit the old notes.
“Our CBN staff currently on mass mobilisation and monitoring, together with officials of the EFCC and ICPC will work together to achieve these objectives.”
Emefiele said that seven day grace period, beginning on 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 status.
According to Emefiele, the cash swap has so far achieved 75 percent success rate, adding that enough of the new notes have been pumped into the system.
