Breaking News: CBN Extends Cash Swap Deadline to February 10th

President Muhammadu Buhari has approved a 10-day extension of the deadline for the swapping of the old notes to the redesigned new currency.

The new deadline will now be the 10th of February 2023.

This is the outcome of a meeting between President Muhammadu Buhari and the Givernor of the Central Bank, Godwin Emefiele in Daura Katsina State.

After the meeting, the Governor of the Apex Bank disclosed to journalists that 75 percent of the N2.7 trillion held outside the banking system has been recovered and he said Nigerians in the rural areas, villages, the aged and 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.

Emefiele revealed that President Buhari also approved another seven-day grace period, beginning on February 10 to February 17,2023, to enable Nigerians to deposit their old notes at the CBN after the February 10 deadline when the old currency would have lost its Legal Tender status.

Emefiele says the 7-day grace period, beginning on February 10 to February 17,2023, is in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN.

The Governor of the Apex Bank has been under intense pressure over his insistence on the January 31 deadline, he has also shunned several invitations and directives from the National Assembly to shift the deadline.

Also the Presidential Candidate of the All Progressives Congress had criticised the policy for inflicting hardship on Nigerians and called for an extension of the deadline.

The 10-day extension, may now calm frayed nerves and give more time for Nigerians to deposit their old currencies before it stops being a legal tender.

AREWA YOUTH CALL FOR EMEFIELE’S SACK OVER CURRENCY SWAP

Arewa Youth for Development and National Unity has called for immediate sack of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele over the Naira redesign policy.

According to them, Mr Emefiele’s insistence on the 31st January deadline for old Naira notes, has shown that he is a saboteur of the President Muhammadu’s government.

The group stated this while addressed pressmen at the Arewa house in Kaduna on Saturday.

Reactions have continued to trail the CBN Governor Naira design policy and his insistence on the 31 January deadline for the expiration of old Naira notes.

The latest from Northern Nigeria comes from the Arewa Youth for Development and National Unity who are now demanding for Me Emefiele’s immediate sack.

The group accuse the Central Bank Governor of politicizing the Naira redesign policy and working for opposition political parties at the detriment of the ruling government and Nigerian masses.

The haste and intransigence of Emefiele to stick to January 31st deadline, also comes under scrutiny.

They are concerned that, a large population of Nigerians, particularly in rural areas in the north will be broken by the policy which they consider harsh, unrealistic and unworkable.

They also frown at , Emefiele disregard for calls including the National Assembly and other elders to relax the deadline.

They say up till this weekend, most commercial banks are still dispensing the old notes, confirming their apprehension that the deadline is not feasible.

The group also laments difficulty faced by citizen in accessing the new currency notes.

They insist that unless sacked Mr. Emefiele’s policy has the capacity to bury the nation and subject more Nigerian to undue hardship.

NEW CURRENCY CONTROVERSY: GOVERNMENT WILL ELIMINATE SQUEEZE, CHAOS IN CURRENCY SWAP. – BUHARI

President Muhammadu Buhari, has assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

The President was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.

He insists this will stabilize and strengthen the economy, but also acknowledged that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.

He said that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.