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Reuters

Business

Nigeria's Buhari grants 60-day extension to turn in old banknotes

Nigeria Muhammadu Buhari

FILE PHOTO: A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria. REUTERS/Afolabi Sotunde

Nigeria's President Muhammadu Buhari said on Thursday that he had given approval to the central bank to extend the deadline to turn in old banknotes by 60 days until April 10.

Nigeria's central bank decided last year to start circulating newly designed 200, 500 and 1,000 naira notes. The deadline to turn in old notes was already extended once to Feb. 10, after which they would no longer be legal tender.

However, Nigeria's Supreme Court last week suspended the deadline, after the International Monetary Fund flagged disruptions to trade and payments.

(Reporting by MacDonald Dzirutwe; Writing by Nellie Peyton; Editing by Alexander Winning)

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