CBN sheds light on acceptance of old Naira notes after deadline

The Central Bank of Nigeria (CBN) has clarified its governor, Godwin Emefiele’s position on the old currency notes.

Emefiele, who appeared before the House of Representatives Adhoc Committee on the naira swap earlier on Tuesday, said the banks would continue to accept the old N200, N500, and N1,000 notes even after the February 10 deadline for the Naira swap.

He said: “Section 20 Subsection 3 of the CBN Act 2007 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Representatives on this.”

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However, the CBN Director of Corporate Communications, Osita Nwanisobi, who addressed journalists in Abuja, said the old currency notes would cease to be legal tender after February 10.

He stressed that the old banknotes can no longer be used for any type of transaction after that date.

Nwanisobi noted that following the deadline, Nigerians would only be allowed to exchange their Naira for its face value at the CBN and not at commercial banks.

This, according to him, however required the fulfillment of certain requirements.

He said: “According to Section 20 (3) of the CBN Act, Nigerians would only be able to redeem the face value of the Naira at the Central Bank once the currency had lost its legal tender status, subject to meeting certain conditions.”

The spokesman was however silent on how long the old currency notes would be accepted after the deadline.