The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said that banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed naira notes.
The CBN boss gave the assurance on Tuesday when he appeared before the House of Representatives committee on the new naira redesign and naira swap policy.
Following public outcry, the apex bank on Sunday extended the deadline for the swap of the newly-designed N1,000 and N500 and N200 notes till February 10.
But 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.
According to him, in 2015, N1.4 trillion was in circulation, and by last year it had risen to N3.33 trillion.
He explained that the apex regulator directed banks to ensure only ATM withdrawals in order to limit the daily withdrawal by individuals.
The CBN Chief admitted that the policies would hurt some persons but insisted it was in the interest of the country especially in curbing insecurity.
He decried the trend of the redesigned new banknotes being sighted at parties. He said he was meeting with commercial banks authorities to curb the trend.
Emefiele explained to the lawmakers that he was out of the country thus his inability to honour earlier invitations by the National Assembly.
He urged the lawmakers to allow the programme to succeed.