The Central Bank of Nigeria (CBN) has extended till February 10, the deadline for withdrawal of old naira notes, yielding to overwhelming pressure to allow more time for the exchange of old naira notes for newly designed ones.
The apex bank announced the extension in a short statement on Sunday.
The CBN had insisted on initial January 31, 2023 deadline for the withdrawal of old N200, N500 and N1000 but due to the scarcity of the new ones and its attendant effects on the economy, there has been increasing pressure on the CBN governor, Godwin Emefiele, to extend the deadline.
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The National Assembly and several groups and individuals had called for a extension but the CBN said there would be no extension.
In a letter to the CBN governor last week, the Nigerian Bar Association (NBA) called for an urgent review of the naira redesign policy, citing current and future challenges surrounding the implementation of the policy.
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NBA’s letter signed by the National President, Mr. Yakubu Maikyau, SAN, urged that due considerations and position of the law be followed, insisting that the law allowed Nigerians to redeem their old naira notes at the CBN even after the January 31, 2023 deadline set by the apex bank.
 Before Emefiele announced the extension, he had obtained President Muhammadu Buhari’s approval.
Buhari approved extension of the use of the old notes deadline till Feb. 10, 2023 and the exchange of old notes deadline till Feb. 17, 2023.
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