Banks to accept old Naira notes after deadline – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday banks would continue to accept the old naira notes even after the deadline for the swap of the banknotes.

The CBN on Sunday extended the deadline for the withdrawal of the old currency notes from circulation to February 10 to ease the pressure on Nigerians who had a hectic time exchanging the old N200, N500, and N1,000 notes for the new ones across the bank counters and in Automated Teller Machines (ATMs) throughout the country.

Emefiele, who appeared before the House of Representatives ad-hoc committee on the new naira redesign and swap policy, said that based on Section 20, Subsection 3 of the CBN Act 2007, the banks would continue to accept the old Naira notes after the deadline.

Read also:After threat of arrest, Emefiele finally appears before Reps committee

He said the CBN’s actions were in line with international best practices, adding that the apex bank has to be in control of the currency in circulation.

The CBN chief also decried the use of the new currency notes in parties and promised to work with banks on how to check the practice.

Emefiele 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 Reps on this.

“If you have money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange. You will not lose your money. This is the assurance I give to Nigerians.”

He later apologised to the lawmakers for failing to honour previous invitations extended to him on the Naira redesign.

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