Banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said.
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 on 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.
Speaking about the redesign of the naira, he said the CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation. Mr. Emefiele said in 2015 N1.4 trillion was in circulation, and by last year it had risen to N3.33 trillion.
