Banks Will Accept Old Naira Notes After Deadline, Says Emefiele
Written by City Radio on January 31, 2023
The apex bank recently extended the deadline for the swap of the newly-designed N1,000, N500, and N200 notes following an outcry from Nigerians.
Banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said.
The apex bank recently extended the deadline for the swap of the newly-designed N1,000, N500, and N200 notes following an outcry from Nigerians.
But while appearing before the House of Representatives committee on the new naira redesign and swap policy Tuesday, the CBN chief said banks will still accept the old notes after the deadline.
He said subject to Section 20, Subsection 3 of the CBN Act 2007 and even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes.
The CBN chief who had earlier failed to honour the House’s invitations explained to the lawmakers that he was out of the country.
Emefiele is appealing to lawmakers to make the policy work.
Speaking about the redesign of the naira, he said CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation.
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