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President Buhari extends deadline of the ongoing currency swap by ten days


January 30, 2023

President Muhammadu Buhari yesterday approved extension of the ongoing currency swap by ten days, moving the deadline from January 31, 2023 to February 10, 2023.

President Buhari gave the approval at a meeting with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, urging more time, discretion and order to enable Nigerians successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas. 

Briefing newsmen after the meeting with Mr President, in Daura, Katsina state, the CBN Governor disclosed that a seven-day grace period had been given by the President, beginning from February 10 to February 17, 2023, to allow Nigerians to deposit their old notes at the CBN after the February 10th deadline.

Our Correspondent, Raliat Adenekan reports that the Apex Bank Governor noted that the currency swap had achieved more than 75 per cent success rate of the N2.7 trillion held outside the banking system, with evident drop in rate of inflation, more stability of foreign exchange rates, and noticeable impact on security, especially in banditry and kidnapping figures. 

Fielding questions from newsmen, the CBN Governor said the excuse of security threats pushed by the Kano State Governor, Abdullahi Ganduje, had no bearing on the swap, adding that any CBN staff or Commercial banks found to be in breach of the policy will be sanctioned.