President Muhammadu Buhari has approved a ten-day extension of the deadline for the currency swap programme launches by the Central Bank of Nigeria (CBN), moving it from January 31st to February 10th.
This decision was administered during his meeting in Daura with the CBN governor and revealed by Presidential spokesman, Femi Adesina, who also encouraged more time, discretion and order to enable Nigerians have successful exchanges of their currency for new redesigned notes without risk of loss particularly in rural areas.
The news was announced by the CBN Governor following the meeting who expressed thanks to President Buhari for giving approval for such “ambitious programme”, something not seen in 19 years.
Additionally, data shows that between 2015 and today there has been an increase in stabilization of foreign exchange rates, drop in inflation rates and even higher security as seen with decreases in Banditry and kidnapping figures.
Particular action taken by CBN included guidance notes offered to banks on how they should best proceed with collection of old notes and distribution of new notes plus ATMs now being loaded up with new money nationwide.
Furthermore, help has been sourced from media outlets, National Orientation Agency, 30k Super Agents deployed around the nation to reach all citizens, staff members aiding in mobilization campaigns & monitoring programs as well as alerting EFCC & ICPC if code violations were found.
To ensure compliance with Section 20 (3) & 22 of CBN Act this extra 7 days grace period is being given starting February 10th to deposit old notes at CBN after deadline expiration which is expected to bring impressive outcomes due to extended period allowed.
Lastly, Kano State which had advised against President Buhari visiting on Monday has made a 180 U-turn stating they are now prepared and have much ready to show off including both Federal and State projects awaiting his arrival.
This article was updated 3 months ago
