Just in: Buhari approves extension of currency swap to Feb. 17
A request by the Central Bank of Nigeria (CBN) for the extension of the deadline for swapping of old Naira notes to the redesigned ones to President Muhammadu Buhari has been approved by the Presidency on Sunday, January 29, 2023.
According to the request, whereas there will be a “10-day extension of the deadline from January 31, 2023, to February 10, 2023; for Nigerians to swap their old notes with new ones at the banks,” there is also “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 10 deadline when the old currency would have lost its Legal Tender status.”
(The meaning of the above is that whereas the old notes stops being accepted as a legal tender by February 10, 2023, across the nation, you can still go and exchange them in ONLY the CBN ‘no more commercial banks’ till February 17. )
Business Hilights gathered that the development followed a meeting between the President and the apex bank’s governor, Godwin Emefiele, in his country home in Daura, Katsina State on Sunday.
Announcing the development few minutes ago Emefiele told correspondents after the meeting, that 75 percent of the N2.7 trillion held outside the banking system has been recovered.
According to him, “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. 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:
“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free the implementation of this very important process for program.”
Besides, the Nigerian Senate had Friday passed a resolution mandating the CBN to extend the naira exchange to June 30th after considering a motion on the matter in national interest. It was not cleat if Buhari and CBN Governor considered the Resolution of the Senate on the matter before the Sunday meeting.
More details later…
