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Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has shed light on why President Muhammadu Buhari signed off on the extension for swapping out old Naira notes with redesigned ones.
The original deadline for this was January 31st but was changed to February 10th.
According to Emefiele, this decision from the President was made in order to give Nigerians who have earned and held onto old notes legitimately an opportunity to deposit their currency at the CBN for exchange.
Additionally, a seven-day grace period beginning February 10th and lasting until February 17th, 2023 has also been approved by President Buhari so that people would be able to deposit their old notes after the new deadline when they will no longer be recognised as legal tender.
