Faced with mounting pressure, the Central Bank of Nigeria (CBN) on Sunday extended the deadline for the Withdrawal of old naira notes to February 10.
CBN Governor Godwin Emefiele unveiled the new deadline in a statement.
He explained that the main bank has sought the approval of Chairman Muhammadu Buhari to extend the term for the use of the old notes by 10 days.
“Based on the above, we have sought and obtained Mr. President’s approval for the following: a 10-day extension of the January 31 deadline to February 10 to allow for the collection of more old banknotes legitimately held by Nigerians.” , reads the statement. .
“A 7-day grace period, commencing February 10-17, pursuant to Sections 20(3) and 22 of the CBN Act, which allows Nigerians to deposit their old banknotes with the CBN after the date February limit when the old coin would have lost its legal tender status.”
The CBN Governor also requested the cooperation of all Nigerians to ensure a smooth process for the implementation of the policy.
Before the main bank extended the use of the naira note, many Nigerians experienced difficulties depositing their old notes.
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The struggle of many Nigerians to meet the initial January 31 deadline has been chaotic, with many flooding bank rooms with huge amounts of cash in old notes to exchange for new ones.
Others are seen in long queues at the few ATMs that have the new naira notes in different parts of the country to gain access.
The redesign of the naira was met with criticism from some Nigerians, including the presidential candidate of the ruling All Progressive Congress (APC), saying the policy was intended to sink his presidential ambition.
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