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Naira Redesign: President Buhari May Extend Validity Of Old Notes

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The validity of the old naira note may be extended as President Muhammadu Buhari is considering a 60-day period of grace. Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Wednesday 15th of February 2023, divulge to reporters that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele met with the president after the Federal Executive Council (FEC) meeting today.

The president, on the 3rd of February 2023 haad pleaded with Nigerians to give him seven days to resolve the scarcity of cash, after the Nigeria Governors’ Forum urged him to allow all old notes to circulate in the system to ease the hardship on ordinary Nigerians.

However, on 14th February 2023, the CBN insisted that the February 10 deadline did not change and that the old notes will no longer be accepted. 

According to reports making rounds, the outcome of the meeting between the president, the CBN governor, and Modibbo Tukur, the director of the Nigerian Financial Intelligence Unit (NFIU) is to allow the old note to circulate pending when the new one will meet demands, and a period of 60 days, is expected to be enough to achieve this.

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