- The Central Bank of Nigeria has extended its deadline to February 10th to turn in old currency notes and replace them with new ones.
- The Bank made this decision based on poor circulation of the new notes.
- After the February 10 deadline, Nigerians would have a further seven days to deposit old notes directly with the CBN.
The Central Bank of Nigeria (CBN) has extended its deadline to cease the usage of its old currency notes.
Last year, the Central Bank of Nigeria, with the support of the federal government decided to phase out the appearance of some of its currency notes and replace it with newly designed notes, in an attempt to fix some of the monetary complications the country is faced with.
The denominations intended for the redesign were the N100, N200, N500, and N1000 notes. By December the bank had redesigned the notes and as a result initiated a number of new directives and policies.