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JUST IN: CBN Extends Old Notes Deadline

CBN Advises Central Bankers To Ensure Tighter Regulation Of Banks

Central Bank of Nigeria (CBN) has extended the deadline for the use of the old notes till February 10.

Gatekeepers News reports that the CBN Governor, Godwin Emefiele, announced the extension in a statement signed on Sunday.

According to Emefiele, the apex bank sought approval from President Muhammadu Buhari to extend the deadline for the use of the old notes by 10 days.

The statement read, “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.

“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.”

In addition, the CBN Governor solicited the cooperation of citizens in ensuring a hitch-free process for the implementation of the policy.

Many Nigerians have been experiencing difficulty in getting new notes as Banks ATMs keep dispensing the old notes.

With the deadline shifted from January 31 to February 10, Nigerians now have more time to exchange their old notes for new ones.

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