CBN will continue to redeem old naira notes after deadline, Emefiele tells Reps

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has guaranteed that the old 200, 500, and 1,000 Naira notes will still be valued even after they stop being accepted as legal tender by the deadline of February 10.

He said the redemption was in tandem with the law, precisely Section 20 (3) of CBN act, noting the essence was to mop up the old notes in circulation.

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The governor spoke when he appeared before the House of Representatives ad hoc committee on the cashless policy of the apex bank on Tuesday.
According to Emefiele, the CBN stands with the House on the position of the law.

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Expectedly, the guarantee, as expected, calmed the Committee members’ rising anxiety as they exhaled sighs of relief and beaming smiles.

In his swift reaction, the committee’s chairman, Ado Doguwa who was delighted by the statements thanked Emefiele for his prompt response and stated that if the promise had been given earlier, there wouldn’t have been a need for the meeting.

Details later

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