Revealed: Why President Buhari Approved CBN's Request for Extension of Old Naira Notes Swap
- The CBN governor, Godwin Emefiele, said President Buhari approved the extension of the deadline for swapping old Naira notes to allow Nigerians to deposit their monies
- Emefiele said the president also approved a seven-day grace period to enable Nigerians to deposit their old notes at the CBN after the new deadline expires
- Many Nigerians including top politicians had urged the CBN to extend the deadline before the announcement on Sunday, January 29
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Daura, Katsina state - Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has revealed why President Muhammadu Buhari approved the apex bank's request for the extension of the deadline for swapping old Naira notes to the redesigned ones to February 10.
The initial deadline for the exchange of old naira notes of N200, N500 and N1000 with the new ones before the president's approval of the extension was Tuesday, January 31.
Source: Facebook
Speaking to newsmen after the approval, Emefiele said President Buhari approved the CBN's request for extension in order to give all Nigerians that have old Naira notes legitimately earned and trapped the opportunity to deposit the monies at the apex bank for exchange, Vanguard reported.
He added that a seven-day grace period, beginning on February 10 to February 17, 2023, was also approved by the president to enable Nigerians to deposit their old notes at the CBN after the new deadline when the old currency would cease to be recognised as legal tender.
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Emefiele meets President Buhari in Daura
Legit.ng notes that President Buhari gave the approval after Emefiele flew to the president's country home in Daura, Katsina state on Sunday, January 29, to meet with him.
Before the extension, many Nigerians, including top politicians had urged the CBN to shift the deadline to ease the hardship the situation has caused.
CBN January 31 deadline: What Atiku said
In a previous statement, the 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, on Saturday, January 28, called for an extension of the deadline issued by the CBN for the collection of old naira notes.
In a video shared on his shared Twitter page titled "My position on the CBN January 31, deadline on the new naira notes", the former vice president said the apex bank's deadline was creating a hardship for several Nigerians.
Atiku added that while redesigning currency is normal across the globe, the short notice and the January 31 deadline were rather unusual.
Source: Legit.ng
