A couple of days after President Muhammadu Buhari came under attack in his Katsina State home, the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, extended the deadline for old Naira notes swap to the redesigned ones to February 10.
On his visit to Katsina the President came under attack by protesters who rained vehicles with stones and clubs. They were protesting the January 31 deadline for Naira swap, insisting the Buhari Government is deliberately making them to lose their money, and so, pauperising them.
It is also speculated that the Governor of Kano State, Dr Abdullahi Ganduje, appealed to the President to shelve a visit to Kano in order to avoid the Kano treatment.
Recall that a few days ago both Buhari and Emefiele had vowed there will be no extension on the deadline for the Naira swap.
Controversy had followed CBN’s insistence on January 31 deadline for the exchange, which involves the old naira notes of N200, N500 and N1000.
Emefiele gave a seven-day grace period, starting from February 10 to February 17, 2023, to enable Nigerians to deposit old notes at the CBN.
Briefing journalists after the meeting, Emefiele said 75 per cent of the N2.7 trillion held outside the banking system has been recovered.
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7 trillion held outside the banking system. Nigerians in the rural areas, villages, the aged and the vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following:
“10-day extension of the deadline from January 31, 2023, to February 10, 2023; to legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN lose their Legal tender Status.
“Our CBN staff currently on mass mobilization and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives.
“A 7-day grace period, beginning on February 10 to February 17, 2023, in
compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
“We, therefore, appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch-free implementation of this very important process for the program”, he said.
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