CBN extends the expiration date for old naira notes. The CBN has declared a 10-day grace period for the continued usage of outdated naira notes throughout the country.
On Sunday morning, the CBN governor told reporters that he had received permission from President Muhammadu Buhari to grant the extension.
He said the previous deadline of January 31 had been moved to February 10.
Mr. Emefiele made his remarks in Daura, Katsina State, following a conversation with the president, who is doing official responsibilities in his home state.
Mr. Emefiele stated that Nigerians who still need to switch to the new naira notes could do so now.
He warned that the timeframe will not be pushed out again and urged people to make the most of the situation.
According to WEAREROTTEN, the CBN issued a deadline of January 31 for the usage of the old 200, 500, and 1000 naira notes after releasing a new design for them in October of last year.
However, the availability of the new notes has been low, prompting requests for a grace period.
Mr. Emefiele should have provided more details on the measures being taken by the central bank to address the shortage of the new notes.
According to data, more than 85% of all cash in circulation is kept in places other than commercial bank vaults. Thus, in October last year, the central bank revealed its plan to redesign the notes.
Mr. Emefiele said the currency was quite successful on Sunday.
According to the bank’s figures, there was just about N1.4 trillion in circulation in 2015.
Also Read: Nigeria’s Ex-President Obasanjo Approves Labour Party’s Peter Obi for president
In October of 2022, the total amount of cash in circulation was estimated at N3.23 trillion, of which only 500 billion nairas were retained within the financial sector, and N2.7 hundred billion was kept permanently by individuals in their homes, he added.