The Central Bank of Nigeria (CBN) has recently made an announcement clarifying the position of the CBN Governor, Godwin Emefiele, regarding the acceptance of old N200, N500 and N1,000 notes.
The director of the Corporate Communications Department at the CBN, Osita Nwanisobi, spoke with newsmen in Abuja to provide insight into the matter.
Nwanisobi stated that the old notes will cease to be legal tender after February 10, 2023, and will no longer be acceptable for any form of transaction after that date.
However, he also mentioned that Nigerians will still have the opportunity to redeem the face value of their Naira, subject to meeting certain conditions. This redemption will only be possible at the CBN and not at commercial banks.
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In line with the provision of Section 20 (3) of the CBN Act, Nwanisobi emphasized that Nigerians will be able to redeem their old banknotes only at the CBN after they have lost their legal tender status.
This redemption process will be subject to certain conditions and processes that have been prescribed by the CBN. The duration of the acceptance of the old notes after the expiration of the deadline was not stated.
Nwanisobi cited instances from other countries, where banknotes that have ceased to be legal tender are only redeemable by the monetary authorities of such jurisdiction, subject to conditions and processes prescribed by that Central Bank.
Earlier on Tuesday, Emefiele appeared before the House of Representatives Adhoc Committee on Naira swap, months after being invited by the lower chamber and days after the Speaker of the House, Femi Gbajabiamila, threatened to issue an arrest warrant on the CBN Chief.
Emefiele confirmed to the committee that the old notes would be accepted after the February 10 deadline.