Did Cbn Extend the Deadline for Old Notes? Have Cbn Extend the Deadline

Did Cbn Extend the Deadline for Old Notes? : The Central Bank of Nigeria (CBN) had earlier set a deadline for the exchange of old Naira notes, which was slated for February 1st, 2023. However, due to some unforeseen circumstances, the CBN extended the deadline for the exchange of old notes till February 10th, 2023.

This decision has generated mixed reactions from various quarters in Nigeria. While some have welcomed the extension, others have criticized it. In this article, we will provide more details about the extension of the deadline for the exchange of old Naira notes, including the reasons for the extension and the new deadline. We will also address some frequently asked questions about the exchange of old notes and provide a table summarizing the details of the extension.

Table: CBN Deadline Extension Details

Did CBN Extend the Deadline for Old Notes?

The Central Bank of Nigeria (CBN) had earlier set a deadline for the exchange of old Naira notes, which was slated for February 1st, 2023. However, due to some unforeseen circumstances, the CBN extended the deadline for the exchange of old notes till February 10th, 2023.

Have CBN Extended the Deadline?

Yes, the CBN has extended the deadline for the exchange of old Naira notes. This was made known in a statement released by the CBN on January 30th, 2023. The CBN stated that the extension was necessary to allow for the collection of more old notes.

According to Premium Times Nigeria, President Muhammadu Buhari approved the continued use of old N200 notes for transactions. However, this does not mean that the deadline for the exchange of the old notes has been completely lifted.

The extension of the deadline was also confirmed by Punch NG. In a report, the news outlet stated that the CBN had extended the deadline till February 10th, 2023.

While some have applauded the decision of the CBN to extend the deadline, others have criticized it. According to Vanguard, there is no need to extend the deadline as the CBN has given enough time for people to exchange their old notes.

Frequently Asked Questions (FAQs)

1. What is the reason for the extension of the deadline for the exchange of old Naira notes?
   The CBN extended the deadline to allow for the collection of more old notes.
2. When is the new deadline for the exchange of old Naira notes?
   The new deadline is February 10th, 2023.
3. Can old Naira notes still be used for transactions?
   No, old Naira notes are no longer legal tender and cannot be used for transactions.
4. What happens if I fail to exchange my old Naira notes before the deadline?
   After the deadline, old Naira notes will no longer be accepted by banks and other financial institutions.
5. Can I exchange my old Naira notes at any bank or only at the CBN?
   You can exchange your old Naira notes at any bank or any branch of the CBN.