Wetin di 7-day grace wey CBN give after 10 February deadline to use old naira note mean

Some Nigerians still dey struggle to get di new naira notes afta di kontri Central bank extend di date for di exchange of old naira notes to new ones.

On Sunday, 29 January 2023 Central Bank of Nigeria (CBN) announce 10-day extension of di deadline from 31 January 2023 wey e suppose be to 10 February 2023.

CBN say dis na to allow for collection of more old notes wey Nigerians still get and to achieve more success for di cash swap inside rural areas – dat na villages.

Di apex bank also come give 7 days grace period from 10 February to 17 February 2023 for pipo to deposit old notes give CBN afta di deadline.

But wetin dis grace period mean? Wen we go stop to dey use di old naira notes patapata?

Kack make you read all di anwers to your questions.

Wen we go stop to use di old naira notes?

Deadline for old naira notes

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Central Bank of Nigeria tok for statement say dem go stop to dey use di old naira notes on 10 February 2023.

Afta on di 10 February 2023, all di old notes wey dey outside go loss dia legal tender status.

Dat one mean say pesin no go fit use di old N200, N500 and N1,000 naira notes buy or pay for something afta 10 February 2023.

Wetin di seven days grace period mean?

For di statement wey Central Bank of Nigeria release on Sunday, di apex bank say afta di 10 February 2023 deadline, dem go give 7-days grace period.

Dis grace period go begin on 10 February to 17 February 2023 in compliance with section 20(3) of di CBN Act.

Dis na to allow Nigerians deposit dia old notes for CBN afta di February deadline wen di old currency don lost im legal tender status- dis mean say you no go fit use di money buy or do anything.

CBN tok-tok pesin wey be Head of Corporate Communications, Osita Nwanisiobi explain more about di deadline and di 7-day grace period;

“Wetin di statement tok be say dem don extend di deadline for di currency redesign project to February 10 2023 within which any pesin fit still use dis currency as well as deposit am for commercial banks or with agent.

“Then afta di 10 February 2023, di old N200, N500 and N1,000 go don lost dia legal tender status. In oda words afta di 10 February di old notes go stop to be a legal tender for Nigeria.

“However a window of opportunity dey open and dat na di 7-day grace period whereby anybody wey still get any of di old notes gatz go to di central bank to deposit am.

“We go still take am but know say di money don lost e legal tender status during di 7 days period.”

E add say dis method na wetin kontris all ova di world dey practice and no be only Nigeria.

Oga Osita say during di seven days grace period, anybody wey still get di old currency go gatz go Central bank of Nigeria to deposit am on dia own and not commercial bank anymore.

Why di new currencies no too plenti in circulation?

Central Bank of Nigeria explain for dia website wetin dem suspect say be di cause.

Dem say analysis of di currency wey dey in circulation show say na di general public wey dey hoard plenti of di new banknotes hold plenti proportion of di Nigerian currency outside di commercial banking system (COB).

Why di lower denomination banknotes dey scarce?

According to CBN, di scarcity of lower denomination fit dey link to di fact say na pipo for public hold am.

Absence of Automated Teller Machines (ATM) wey suppose to dey dispense lower denominations also don contribute to di scacity of lower denomination wey dey in circulation.