The Central Bank of Nigeria (CBN) has finally extended the deadline for the swap of old Naira notes at commercial banks by 10 days.
In a press statement issued on Sunday, Godwin Emefiele, the CBN Governor, said the new deadline is February 10, 2023.
Many Nigerians have been unable to deposit the old Naira notes in the bank, while some banks continue to give out old notes.
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.
However, Nigerians will still be able to deposit their old notes directly with the CBN until February 17, 2023, described as a “grace period”.
The CBN earlier declared that the deadline will not be extended.
Emefiele claimed on Sunday that President Muhammadu Buhari has authorized the extension of the deadline due to the steps put in place to lessen the shortage.