Naira Redesign: CBN Extends Deadline For Use Of Old Notes

The Central Bank of Nigeria (CBN) has finally caved in to demands to extend the deadline on the use of the old N200, N500, and N1,000 notes.

The Apex Bank speaking in a release on Sunday revealed that it has extended the deadline from January 31, 2023, to February 10, 2023.

According to CBN, the decision is to allow for the collection of more of the old notes.

CBN Governor Godwin Emefiele stated that citizens would still be able to deposit their old notes directly with the Apex Bank until February 17, 2023, described as a “grace period.”

Godwin Emefiele

“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, 2023, to February 10, 2023; to allow for the collection of more old notes legitimately held by  Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN loses their Legal Tender Status.

“Our CBN staff currently on mass mobilisation and monitoring together with officials of the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission will work together to achieve these objectives.

“A seven-day grace period, beginning from February 10 to February 17, 2023, 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", he said.