CBN Releases New Revelation On Old Naira Notes After Deadline

Afimag.com –

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 discontinued to be legal tender by February 10 deadline.

Emefiele said the decision was in line with Section 20 sub-section 3 of CBN act, adding that the essence was to clean up the old notes in circulation.

The apex bank governor made the disclosure when he appeared before the House of Representatives Ad-Hoc committee on the cashless policy of CBN on January 31, 2023.

He said the decision of the bank is conformed with the House on the position of the relevant policies and laws.

As anticipated, the assurance drenched the increased tension amongst the members of the Committee as they heaved sighs of relief and beaming smiles following the new position of the chief financial officer.

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