Categories: Headlines

VIDEO: Buhari Approves CBN’s Request To Extend Old Naira Notes Use


President Muhammadu Buhari has approved the Central Bank of Nigeria’s request for the extension of the deadline for swapping of old Naira notes to the redesigned ones.

The new deadline is February 10th, 2023.

READ ALSO: CBN Extends Old Naira Use Deadline Till February 10

A seven-day grace period, beginning on February 10 to February 17, 2023, has also been approved to enable Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.


The President gave the approval on Sunday during a meeting with the apex bank’s governor, Godwin Emefiele, in his country home in Daura, Katsina State.

Briefing journalists after the meeting, Emefiele stated that 75 percent of the N2.7 trillion held outside the banking system has been recovered.

“I would like to continue to thank Mr. President for giving the CBN the approval to embark on this ambitious programme because like I had said in the past, the Central Bank of Nigeria has not had the opportunity to embark on such a currency resigned programme in the last 19 years,” Emefiele said.

“And indeed, let me emphasize that only an incorruptible leader of the president’s stature can give such approval to the CBN.

“Ladies and gentlemen, from the onset of this currency redesign programme, we made it clear that for 19 years the CBN hasn’t been able to conduct this important aspect of its mandate, whereas they should normally have been done within a 5–8-year window.

“Our aim mainly is to make our monetary policy decisions more applicable and as you can see, we started to see inflation trending downwards and exchange relatively stable.”


Ignatius Igwe

An energetic journalist with an amazing sense of responsibility.

Disqus Comments Loading...

Recent Posts

  • Headlines

I’ll Use Obi’s Anambra Governance Model To Cut Costs – Abia Gov-Elect Otti

"My presidential candidate did very well in Anambra State because he reined in the cost of governance," Otti said.

1 hour ago
  • World News

Zelensky Pleads For Jets, Missiles, After Visit To Frontline

On the train home from the war-ravaged areas, Zelensky gave an emotional account of what he had seen as he…

2 hours ago
  • Headlines

Why I Petitioned DSS Against Obi, Baba-Ahmed – Keyamo

In the wake of Tinubu's win, members of his camp urged the aggrieved parties to approach the courts. However, the…

3 hours ago
  • Sports

UEFA Launch Probe Into Barcelona Refereeing Scandal

Barcelona have already been charged with corruption by Spanish prosecutors for payments between 2001 and 2018 to a company owned…

3 hours ago
  • Info Tech
  • World News

TikTok Banned In UK Parliament

The app "will be blocked from all parliamentary devices and the wider parliamentary network", the House of Commons and House…

3 hours ago
  • World News

Trump Gave ‘False Expectation’ Of Arrest – Prosecutor

The Republicans -- who are all chairmen of House committees -- accused Bragg, a Democrat, of waging a "politically motivated…

3 hours ago