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CBN extends new naira note deadline to Feb 10

By News Desk

In response to complaints raised by Nigerians on the availability of the new Naira notes, the Central Bank of Nigeria (CBN) has extended deadline for the use of old notes till February 10.

As gathered, the announcement was approved by President Muhammadu Buhari during a meeting with the CBN governor, Godwin Emefiele, at the Aso Rock.

The president was said to have summoned Emefiele barely 24 hours after the Kano State Governor, Abdullah Ganduje, wrote to him, asking that he abort any trip to the northern state, in order to avoid any embarrassment from the masses whose businesses have been badly affected by scarcity of the new note.

Emefiele, who announced the extension in a statement signed and released to newsmen on Sunday, disclosed that there will be a 7-day period of grace after the notes cease to be legal tender for Nigerians to deposit them in the bank, that is February 17.
Briefing journalists after meeting the president, Emefiele disclosed that over 75 percent of the N2.7 trillion held outside the banking system has been recovered.

“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.”

The CBN Governor, meanwhile, solicited the cooperation of all Nigerians in ensuring a hitch-free process for the implementation of the policy.


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