CBN Extends Deadline for Use of Old Naira Notes to 10th February 2023

By: Damian Okonkwo

The Central Bank of Nigeria (CBN) has announced an extension of the deadline for the use of old Naira notes. According to the CBN Governor, Godwin Emefiele, the deadline has been extended from 31st December 2022 to 10th February 2023.

The CBN had earlier declared that the old Naira notes would be phased out and no longer be legal tender as of 31st December 2022. However, due to the challenges posed by the COVID-19 pandemic and its impact on the economy, the CBN has decided to extend the deadline to give Nigerians more time to exchange their old notes.

The CBN has assured the public that all banking services, including automated teller machines (ATMs) and point-of-sale (POS) terminals, will continue to accept the old Naira notes until 10th February 2023. However, after this date, the old notes will no longer be accepted for transactions and the public will be required to exchange them for new Naira notes at any commercial bank.

The CBN Governor, Godwin Emefiele, has urged the public to take advantage of the extended deadline to exchange their old Naira notes for new ones, emphasizing that the exercise will help to improve the quality and efficiency of the nation's currency.

In conclusion, the CBN's decision to extend the deadline for the use of old Naira notes is a welcome development that will provide Nigerians with more time to exchange their old notes. The public is advised to take advantage of this opportunity to exchange their old notes and support the CBN's efforts to improve the quality of the nation's currency.