In a statement issued on Sunday, the Central Bank of Nigeria (CBN) announced a 10-day extension for the exchange of obsolete banknotes.
Nigerians must immediately surrender their 1,000 ($2.17), 500, and 200 naira notes by February 10th. Despite the fact that the CBN began issuing newly designed notes last month, many people complain that they can’t find them in banks or ATMs.
The revised deadline, according to CBN Governor Godwin Emefiele, will give people in rural areas more time to swap their old notes. Nigerians will have a seven-day window following February 10th to deposit their old notes with the CBN immediately, according to the statement.
The original January 31st deadline had been extended, according to both Nigerian lawmakers and the opposition’s presidential candidate Atiku Abubakar. Extension will “lower the financial ramifications for citizens,” according to Abubakar.
Nigeria, with the largest economy in Africa, continues to rely significantly on cash, especially among its rural and unbanked populace. There are worries that the phase-out of outdated currencies may cause commercial disruptions in the nation.
The CBN’s objective to spend less cash includes the recall of the old notes. Since the announcement in October, the bank reported that almost 1.3 trillion naira in old notes have been deposited.