June 9, 2023

Banks Will Accept Old Naira Notes After Deadline- Emefiele

The apex bank recently extended the deadline for the swap of the newly-designed N1,000 and N500 and N200 notes following an outcry from Nigerians.


But while appearing before the House of Representatives committee on the new naira redesign and naira swap policy Tuesday, the CBN chief said banks will still accept the old notes after the deadline.


He 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.


The CBN chief who had earlier failed to honour the House’s invitations explained to the lawmakers that he was out of the country.


The CBN boss decried the trend of the new notes being sighted at parties and stated he was in meetings with commercial banks to mitigate these.

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