February 10th is the New Deadline for Old Naira Use

Godwin Emefiele, CBN Governor

In a statement signed on Sunday, Central Bank of Nigeria (CBN) Governor Godwin Emefiele announced the extension of the deadline when the old N200, N500, and N1000 notes cease to be legal tender.

According to Channels Television, Emefiele said that President Buhari approved the extension after the apex bank made the request.

“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,” he said, adding:

“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.”