The Central Bank of Nigeria (CBN) has given more readability on the feedback made yesteday by its boss, Godwin Emefiele, that old N200, N500 and N1,000 will likely be accepted after the February 10, 2023 recent deadline.
Emefiele throughout his assembly with House of Representatives members knowledgeable Nigerians that the apex financial institution will nonetheless settle for the old Naira notes after the February 10 deadline.
In an interview with journalists in Abuja, the Director of the Corporate Communications Department on the CBN, Osita Nwanisobi, explained that the old notes would stop to be authorized tender after the February 10, 2023, and might not be used to transact any enterprise. He talked about that after the deadline, Nigerians will only be capable of redeem the face value of the Naira notes only on the CBN and never on the business banks that they financial institution with. He also added that the acceptance will likely be topic to assembly sure circumstances. He nonetheless didn’t state the circumstances to be met.
The apex financial institution’s spokesman emphasised that in line with the supply 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”.
He nonetheless didn’t state the length for the acceptance of the old notes after the expiration of the deadline on February 10.