Di Central Bank of Nigeria (CBN) don extend di deadline for di swap of old naira notes by 10 days.
For press statement dem issue on Sunday, Godwin Emefiele, di CBN governor, say di new deadline na February 10, 2023.
However, Nigerians go still fit deposit dia old notes directly wit di CBN until February 17, 2023.
Dis dey come afta Nigerians bin don dey complain about dia inability to swap di old notes for di new designs as di former January 31 deadline dey near.
Although banks don dey work all through di weekend to swap di notes, e get widespread complaints about scarcity, as pipo for rural area become di most affected.
Di apex bank bin first tok say e no go extend di deadline.
Emefiele tok on Sunday say as a result of measures dem put in place to ease di scarcity, President Muhammadu Buhari don give approval for dem to extend di deadline.
Wetin di new deadlines mean
Di Central Bank of Nigeria set two deadlines wey be February 10 and February 17.
Di first deadline na di 10-day extension of di deadline from January 31 to February 10, 2023 wey go allow for collection of more old notes legitimately held by Nigerians and achieve success for di swap for di rural communities.
Afta dat date all old notes outside of di CBN go lose dia legal tender status – e mean say you no go fit spend am again.
CBN say dia staff dey on mass mobilisation and dey monitor togeda wit officials of di EFCC and ICPC to achieve di objectives.
Di second deadline na di 7-day grace period wey go start on February 10 to 17.
Na im compliance wit sections 20(3) and 22 of di CBN Act wey allow Nigerians to deposit dia old notes at di CBN afta di February deadline wen di old currency for don lose im legal tender.
Why CBN roll out new Naira notes
Emefiele tok say di CBN dey face problem wit di management of di current series of banknotes wey dey in circulation, especially di ones wey dey outside di banking system for Nigeria.
E say currency management na key function of di bank, wey dey for Section 2 (b) of di CBN Act 2007.
But dem say dis function dey face many challenges wey dey increase.
Emefiele say one of di challenges na say members of di public dey hoard banknotes. E follow tok say statistics show say ova 80 percent of currency wey dey for circulation dey outside di vaults of commercial banks.
Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase risk of financial instability.
CBN also tok say di currency wey dey for circulation dey increase risk of fake notes.
“For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of N500 and N1,000 banknotes,” Emefiele tok.
E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5–8 years, but CBN neva redesign di naira for di past 20 years.
For dia latest press release, di apex financial bank for Nigeria say since dem start di distribution of di new Naira design, di exercise don achieve a success rate of over 75 percent of di N2.7 trillion wey hook outside di banking system.
Nigerians for rural areas, villages, di aged and vulnerable don get di opportunity to swap dia old notes, CBN tok.
Why I dey support CBN, Buhari
Nigeria President say di target of di new CBN policy on di redesigned naira notes no be di common pipo but na for pipo wey dey use money do mago-mago.
E say di policy become necessary to prevent fake money, corruption and terrorist funding.
Di president tok dis one as e dey react to di reports of long queues as pipo dey wait for hours to deposit old notes and get new ones, wey don trigger public anger and opposition criticism.
“President Buhari tok say dem be aim di currency changes at pipo wey dey store illicit funds and no be di common man, plus e don become necessary to prevent counterfeits, corruption, and terrorist funding. Dis, e assure go stabilize and strengthen di economy.
“As e consider say di poorest section of society dey face hardship as dem dey often keep hard cash for house for various expenses, President Buhari give strong assurances say goment no go leave dem to dia own fate” e tok
Di Nigeria leader say di CBN and all commercial banks don start some initiatives wey go speed up di distribution of di new notes and dem go do everytin necessary to stop cash squeeze and chaos.