Wednesday, 1 February 2023

You Can Only Pay In Your Old Naira Notes To CBN After Time Extension Expiration Not Banks...CBN Clarifies Emefiele's Comments


The Central Bank of Nigeria (CBN) has given more clarity on the comments made yesteday by its boss, Godwin Emefiele, that old N200, N500 and N1,000 will be accepted after the February 10, 2023 fresh deadline.

Emefiele during his meeting with House of Representatives members informed Nigerians that the apex bank will still accept the old Naira notes after the February 10 deadline.

In an interview with journalists in Abuja, the Director of the Corporate Communications Department at the CBN, Osita Nwanisobi, explained that the old notes would cease to be legal tender after the February 10, 2023, and can no longer be used to transact any business. He mentioned that after the deadline, Nigerians will only be able to redeem the face value of the Naira notes only at the CBN and not at the commercial banks that they bank with. He also added that the acceptance will be subject to meeting certain conditions. He however did not state the conditions to be met.

The apex bank’s spokesman emphasised that in line with the provision of Section 20 (3) of the CBN Act, Nigerians would have the opportunity to “redeem the face value of the Naira only at the Central Bank after the currency had lost its legal tender status, subject to meeting certain conditions”.

He however did not state the duration for the acceptance of the old notes after the expiration of the deadline on February 10.

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