Cbn Extends The Deadline For Exchanging Outdated Naira Notes By Ten Days.

The deadline for exchanging outdated naira notes has been extended by 10 days by the Central Bank of Nigeria (CBN).

The new deadline is on Friday, February 10, 2023, according to CBN governor Godwin Emefiele.

After visiting President Muhammadu Buhari, who is in Katsina State on a business visit, Emefiele made the news.

The CBN’s decision to phase out the existing 200, 500, and 1000 naira notes by January 31 was supported by Buhari on Saturday.

Buhari reiterated that the policy is “aimed at individuals stockpiling illegal cash and not the average man, and that it had become vital to fight counterfeits, corruption, and terrorist financing,” the Presidency stated in a statement.

He promised that this will strengthen and stabilize the economy.

Atiku Abubakar, the All Progressives Congress (APC) candidate, Bola Tinubu, and many Nigerians who expressed dissatisfaction that the new notes are not in use are in opposition to Buhari’s position.

The governor of Kano State, Abdullahi Ganduje, requested that President Muhammadu Buhari postpone his visit because he is “very worried” about the suffering it is inflicting the people of the state.

The Senate requested the CBN to extend the deadline to July 31 at Thursday’s session, expressing concerns that millions of rural and unbanked Nigerians may suffer if the current deadline stands.

Although Buhari acknowledged the public’s worries, the presidency stated that the deadline would not be extended and that there would be no damage to the economy’s supply chains or other businesses.

President Buhari issued strong guarantees that the government would not abandon people to their own devices, despite the fact that the lowest segment of society is experiencing difficulty since they often hold hard currency at home for different purposes.