Banks Will Accept Old Naira Notes After Deadline — CBN Governor
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has announced that banks will continue to accept old Naira notes after the deadline for swapping with new currency notes.
He made the disclosure in Abuja on Tuesday when he appeared before the House of Representatives committee on the new naira redesign and naira swap policy.
Emefiele stated that, according to Section 20, Subsection 3 of the CBN Act 2007, even if the old notes lose their legal tender status, the CBN will still accept them.
Recall, the deadline was recently extended following public outcry.
The CBN Governor, who has previously ignored the House’s invitations, told lawmakers he was abroad during the time of invite.
He stated that the redesign of the naira was in accordance with global standards and the CBN needs to manage the currency supply.
The CBN Chief also disclosed that the currency in circulation rose from N1.4 trillion in 2015 to N3.33 trillion in 2022.
The reason for limiting ATM withdrawals to a daily maximum, he explained, was to control individual withdrawals.
