President Muhammadu Buhari agreed to a request from the Central Bank of Nigeria (CBN) to extend the deadline for replacing old naira banknotes with new ones.
A seven-day grace period from February 10 to February 17, 2023 was also agreed to allow Nigerians to deposit their old banknotes into CBN after the February deadline.
This followed the President’s meeting with the apex bank’s governor, Godwin Emefiele, in his country home in Daura, Katsina State on Sunday.
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Emefiele briefed correspondents after the meeting, revealing that 75 percent of the N2.7 trillion held outside the banking system has been recovered.
