CBN Extends Deadline For Cash Swap, Return of Old Notes

CBN Governor, Godwin Emefiele.

The Central Bank of Nigeria (CBN) said about N900 billion is still held outside the banking system in Nigeria. The governor of the CBN, Godwin Emefiele stated this while announcing the extension of the deadline for the exchange of old naira notes for new ones from January 31 to February 10, 2023.

According to Emefiele, in 2015, the currency in circulation was just N1.4 trillion but as of October 2022, the currency in circulation in Nigeria has surged to N3.23 trillion out of which only N500 billion was within the vaults of the banks and about N2.7 trillion still held in peoples homes.

He said since the beginning of the cash swap programme, the CBN has received N1.9 trillion with a balance of N900 billion still outside the banking industry. The apex bank boss expressed happiness at the success of the cash swap initiative.

Emefiele made the announcement on Sunday, January 29, 2023, and said he met with President Muhammadu Buhari who agreed to a 10-day extension for the return of the old naira notes. A press release by the CBN said that there are about 300 super agents spread across Nigeria for people to use in swapping their old notes. He said the decision to extend the deadline for the exchange of old notes is to allow hardworking Nigerians who have earned their money legitimately to return old notes in their possession to the banks.

Emefiele said the decision was approved by Buhari after a meeting with him in Abuja. Old Notes: ATMs and Other Ways to Swap Your Notes Before Feb 10.