January 31, 2023

CBN ‘ll continue to redeem old Naira notes after deadline, Emefiele tells Reps

… says law will be obeyed

By Levinus Nwabughiogu-Abuja

Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has assured that the value of old Naira notes of 200, 500 and 1,000 will still be redeemed even after they have ceased to be legal tender by February 10 deadline.

He said the redemption was in tandem with the law, precisely Section 20 (3) of CBN act, noting the essence was to mop up the old notes in circulation.

Read Also: Old naira notes: CBN Governor, Emefiele honours Reps’ invitation

The governor spoke when he appeared before the House of Representatives ad hoc committee on the cashless policy of the apex bank on Tuesday.

He said the CBN stood side by side with the House on the position of the law.

Expectedly, the assurance doused the heightened tension amongst the members of the Committee as they heaved sighs of relief and beaming smiles.

In his swift reaction, the chairman of the committee, Ado Doguwa who was elated by the remarks thanked Emefiele, saying that had he given the assurance earlier, there wouldn’t have been any need for the meeting.

Details later