By Ambrose Obioma Okehi (News Emperor)
After much pressure from the Nigerian Public and even their representives at the legislature, the once reluctant Godwin Emefiele and his Central Bank of Nigeria (CBN) has finally bowed to pressure and extended the deadline for the swap of old naira notes at commercial banks by 10 days.
Recall that the Apex regulatory body had came out with the noble idea of new naira notes redesigning since October 2022 and gave January 31st as for the withdrawal of the old Naira notes from circulation.
Recall also that millions of Nigerian Public even as we at the press time, have gone through hell to access the new naira notes, are yet they can’t have them. And they are also faced with the challenge of last minute rush to the bank to deposit their old notes. a situation that has got many of the bank depositors across the country frustrated due to their inability to access the new naira notes even while the deadline was fast approaching.
News Emperor gathered that as at press time, many Nigerians have equally refused accepting or giving out the old naira notes even when they have not seen the new one.
Meanwhile, in a press statement issued on Sunday, January 29,2023, Godwin Emefiele, the CBN governor, said the new deadline is February 10, 2023.
However, Nigerians will still be able to deposit their old notes directly with the CBN until February 17, 2023. And he described that asked “grace period”.
Nigerians had also been complaining about their inability to swap their old notes for the new designs as the January 31 deadline loomed.
Although banks are working through the weekend to swap the notes, there are widespread complaints about scarcity, with people in the rural areas the most hit.
Recallthst the CBN had previously maintained that it would not extend the deadline.
In other words, Emefiele said on Sunday that as a result of measures put in place to ease the scarcity, President Muhammadu Buhari has given approval for the extension of deadline.
The statement further reads: “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, 2023, to February 10, 2023; to allow for collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN loses their Legal Tender Status. Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“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 deadline when the old currency would have lost its Legal Tender status.”
The naira redesign is believed to be targeted at stopping vote buying in the 2023 general election scheduled for February 25 and March 11.