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Emefiele reveals what will happen to old naira notes after Feb. 10 deadline

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Emefiele reveals what will happen to old naira notes after Feb. 10 deadline

Godwin Emefiele

Following his appearance before the Federal House of Representatives, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele, on Tuesday said said banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes.

“Commercial banks must accept the money even after the 10 February deadline”, he said.


Emefiele reveals what will happen to old naira notes after Feb. 10 deadline

ROYAL NEWS reports that CBN had earlier announced February 10, 2023 as the deadline for the swapping of old naira notes for the newly-designed N1,000 and N500 and N200 notes.

However, while appearing before the House of Representatives committee on the new naira redesign and naira swap policy on Tuesday, the CBN boss said banks will still accept the old notes after the deadline.

Emefiele said subject to Section 20, Subsection 3 of the CBN Act 2007, even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes.

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