The request for an extension of time to replace outdated Naira notes with new ones has been granted by President Muhammadu Buhari.
Buhari and the Central Bank of Nigeria (CBN) had initially insisted on the January 31, 2023 deadline.
After reconsidering their positions, Buhari approved a 10-day extension with the CBN adding a seven-day grace.
With the new development Nigerians now have additional 10 more days to swap their old Naira notes.
The also have a seven-day grace period, beginning on February 10 to February 17, 2023, when they can deposit their old notes at the CBN after the February deadline.
The developmen came after President Buhari’s Sunday meeting with Godwin Emefiele, governor of the top bank, in Daura, Katsina State.
75% of the N2.7 trillion kept outside the banking system has been retrieved, Emefiele informed correspondents in a briefing following the meeting.
He said: “We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:
“10-day extension of the deadline fromJanuary 31, 2023, to February 10, 2023; to legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their Legal tender Status.
“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“A 7-day grace period, beginning on 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.
“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free implementation of this very important process for the program.”