Stella Dimoko Korkus.com: CBN Extends Deadline For Naira Swap And Reveals N2.7 Trillion Held Outside The Bank Has Been Recovered

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Sunday, January 29, 2023

CBN Extends Deadline For Naira Swap And Reveals N2.7 Trillion Held Outside The Bank Has Been Recovered

The Central Bank of Nigeria, CBN, on Sunday, extended the deadline for the exchange of old naira notes.
Godwin Emefiele, the CBN governor, extended the date by 10 days.




In a press statement issued on Sunday, Emefiele said the new deadline is now February 10, 2023.
HE revealed that 75 percent of the N2.7 trillion held outside the banking system had been recovered.

He said: “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 sensitisation 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:

“10-day extension of the deadline from
January 31, 2023, to February 10, 2023; to 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.

“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.”

from daily post

27 comments:

  1. Good news
    Market people wahala go stop small now
    Rejection of old notes everywhere
    The CBN should tell commercial banks to load their ATMs with new naira notes mbok

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  2. Is still close na...they should have shifted it to month end. I just hope the new note is now accessible is not by shifting date!

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    Replies
    1. Listen to Mr President speech. If they extend it to the end of February, its purpose have been defeated. It's to curb vote buying. The reason politicians are crying.

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  3. I’ve had it with this country. Nothing seems to be working. You go to the banks, you can’t withdraw. they are doing selective payment. In fact, they are selling the new currency now.
    I went to the market this morning , I was shocked. Things are way too expensive now.

    Sluttychic.

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  4. It's not about extending it, make the new notes available.

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    Replies
    1. Exactly. The problem has been that the new notes are not available.

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  5. The new notes go reach everybody, why the rush? No be this Naija again? Nawa. Even this deadline will be extended again, naso dem do with BVN, NIN etc.

    Heard some people are even buying/selling it, inukwa!๐Ÿคจ๐Ÿ™„

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  6. I knew this will happen. Even at church today people do not have money for offering. Normally during offering time. Everyone joins the procession but today that is thanksgiving Sunday just few people stood up. Banks especially FBN ATMs I visited is not dispensing. There was crowd in the only bank dispensing around my church.

    Nigeria will be great again. Vote right

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  7. I saw it coming, the pressure was much and some busineses were affected. I doubt there will be any extension again. The sole aim is to curb election and vote buying. So it won't be extended again. The CBN has shown they are listening to the people.

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    Replies
    1. To curb election? Pls Google the meaning of curb

      Delete
  8. Make POS shakara people stop small, imagine 500h for 10k, say who die? I'll rather owe, I've not even withdraw since Friday last week, the whole of yesterday and today no going anywhere to avoid spending

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    Replies
    1. My area ehn, to get 5k new notes is N500. Can you imagine

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  9. And nothing is being said about getting the new notes.

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  10. How do we get the new naira notes?I was forced to buy 10k new notes yesterday for 1k because the hospital I took my son to refused the old notes.

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    Replies
    1. Seriously, how backward I your hospital that they can't accept bank transfers or allow you pay via POS? These are the issues. If more people had embraced cashless modes of payments, these complaints won't be much.

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  11. My own na let 200 naira be in circulation..

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    Replies
    1. 200 scarce die for we area. Mtchew. In fact na only 1000 come dey common but e still dey scarce.

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    2. Why do I have a feeling that it's the commercial banks ogas that are hoarding the new notes expecially the 200 naira notes for their politicians friends for vote buying as vote buying is usually done in smaller denomination to give those village women the feeling that the money is many

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  12. Replies
    1. Only if the notes are made available. And that is where the problem is. The notes are deliberately not available. The banks cannot dispense what they do not have, it doesn't matter whether they have been officially mandated to or not. This is not the first time we have changed notes in this country but this has been the hardest. It is obvious that CBN is now a political tool. That may be advantageous for their plans but troublesome for the masses. CBN is meant to serve the people of Nigeria and not just to cater to the whims of the political class. Funny thing is, it is this same political class that will have the power to have easier access to what will be made difficult for the masses.

      Delete
  13. This our leaders with their sensless policies. You knew you will change currency, you still spent money in 2022 and same yr change it.
    New money not in circulation because as at Friday most ATM machunes did not habe cash,go into banking hall they are collecting old notes but don't have new notes to pay. A sane leader will evem make 100 naira notes available in thw banking hall and let it be that people reject it (which i belive would not happen).

    God pls forgive us pur sin and help us to get it right this election.

    You will queue to buy fuel, queue to collect your hard earned money....

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  14. The Bible says we should pray for our leaders so I will obey. Father! Deliver our leaders from the spirit of confusion and foolishness. Amen. It's stressful living in Nigeria since this Buhari era started. Very indecisive set of leaders. May God have mercy on us

    ReplyDelete
    Replies
    1. They are also selfish and are concerned with only benefitting themselves.

      Delete
  15. The new notes should be made available. It's been difficult for people this past days.

    ReplyDelete

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