The Central Bank of Nigeria (CBN) has clarified the position of the apex bank chief, Godwin Emefiele, that old N200, N500 and N1,000 will be accepted after the February 10, 2023 fresh deadline.
Speaking with newsmen in Abuja on Tuesday, 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 for any form of transaction afterward.
However, he stated 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”.
Citing instances in other climes, Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdiction upon demand subject to conditions and processes as may be prescribed by that Central Bank.
Earlier on Tuesday, Emefiele appeared before the House of Representatives Adhoc Committee on naira swap months after the invitation by lower chamber and days after the Speaker of the House, Femi Gbajabiamila threatened to issue an arrest warrant on the apex bank chief.
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