The Central Bank of Nigeria (CBN) has extended the deadline for the exchange of old naira notes for the newly designed notes to February 10, 2023..
The extension was announced by the apex bank in a statement signed by Godwin Emefiele on Sunday following an assurance by President Muhammadu Buhari on Saturday to ease the burden on citizens and businesses on Saturday.
Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding. This, he assured, will stabilize and strengthen the economy.
“While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate,” a statement by Buhari’s spokesperson, Garba Shehu read.
“He reiterated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.”