Developing story: CBN blinks, extends deadline by 10 days
Nigeria’s Central Bank, CBN, has extended the deadline for the return of old naira notes under its currency swap policy by 10 days
The bank said in a statement issued today that the gesture was to enable more Nigerians to deposit currencies that are being phased out with commercial banks.
Godwin Emefiele, Governor of the apex Bank approved the extension to the second week of next month.
What this means is that the old currencies would cease to be legal tender precisely on February 10, 2023.
Emefiele revealed the bank’s decision to bow to pressure Sunday, saying that the bank has deployed its officials as well as operatives of anti-graft agencies to parts of the country to ensure commercial banks comply fully all directives.
Hear him speak in this video:
A Port Harcourt Telegraph Correspondent who went round Port Harcourt city Sunday morning reports that large crowd of bank depositors were seen at various bank premises struggling to turn in old notes in order to receive new ones across the counter.
Most who turned to POS operators in parts of the city to obtain cash were disappointed.
News of the extension of the deadline has brought a measure of relief to depositors who have been worried they would lose out.
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