• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Breaking News
CBN extends deadline for swapping old naira notes to February 10, 2023

Emefiele visiting Buhari at his home town of Daura.

CBN extends deadline for swapping old naira notes to February 10, 2023

William UkpebyWilliam Ukpe
8 months ago
in Breaking News, Currencies, Markets, Spotlight
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria has extended the deadline for replacing old naira notes from January 31st, 2023, to February 10, 2023.

This is according to a press release seen by Nairametrics after confirmation from very senior officials of the central bank. The press release was signed by Godwin Emefiele.

The extension is coming after several pleas from legislators, traditional rulers, governors, presidential aspirants, politicians, and Nigerians in general for an extension of the deadline.

What the CBN is saying

In a press release signed by Godwin Emefiele, he stated that he met with the president (Buhari) on Sunday, January 29th to brief him on development, and based on the feedback he shared the president agreed to extend the deadline by a further 10 days.

  • “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”
  • “A 10-day extension of t h e deadline from January 31, 2023, to February 10, 2023; to allow for collection of more old notes nationwide 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.”

The central bank also stated that a further 7 days period will be granted to Nigerians to deposit the money at the central bank, if they missed the February 10th deadline earmarked for cash swaps.

  • “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.”

Update on currency in circulation

Mr. Emefiele also provided insight into the implementation of the newly designed currency which is aimed at reducing the currency outside circulation.

  • “Bank of Nigeria has shown that in 2015, Currency -in- Circulation was only N1.4 trillion. As at October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking Industry and N2.7 trillion held permanently in people’s homes. Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of the currency in circulation under the firm control of the CBN.”
  • “So far and since the commencement of this program, we have collected about N1.9 trillion; leaving us with about N900 billion (N500b + N1.9trillion).”
  • “We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system.”

Pressured to listen

  • Just yesterday, the central bank via its Twitter handle had insisted that there was no going back to the extension of the deadline.
  • President Buhari also followed with a message adamant that the deadline day will not be extended as he admonished terrorists and corrupt Nigerians for the reason why the new currency was introduced.
  • It appears pressure from all sections of the country especially footage from several TV stations showing millions of Nigerians in long queues and frustrated about the handling of the cash swaps.
  • The Senate even went as far as passing a motion extending the deadline date to June 30th, 2023.
  • The announcement to extend the deadline date can be seen as caving under pressure from Nigerians who mostly wanted an extension.

See the press release on the extension of deadline date for swapping old naira notes.


Download Nairametrics App for breaking news and market intelligence.
   
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Lagos commences demolition of markets, churches along Red Rail line train stations
  • FGN-ALAT Skillnovation Programme: Shettima says FG is not going back on creating inclusive economy
  • Police investigates alleged poisoning of Nigeria’s Tourism Minister

Follow us on social media:

Recent News

Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts, Governor Sanwo-Olu appoints new Commissioner for Physical Planning and Urban Development

Lagos commences demolition of markets, churches along Red Rail line train stations

September 30, 2023
The office of the Presidency disclosed that President Bola Tinubu has approved the construction of 1,000 houses in Sokoto, Kebbi, Katsina, Zamfara, Kaduna, Niger and Benue States. 

FGN-ALAT Skillnovation Programme: Shettima says FG is not going back on creating inclusive economy

September 30, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In