CBN governor says old naira notes can still be handed in at banks after Feb 10 deadline

CENTRAL Bank of Nigeria (CBN) governor Godwin Emefiele has revealed that Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline by which time they will cease to be legal tender.

On November 23 last year, the CBN launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians had been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to ask the CBN to extend the deadline.

Under pressure from all angles, Mr Emefiele announced yesterday morning that the new deadline is now February 10. Announcing the 10-day grace period, he revealed that 75% of the N2.7trn ($5.86bn) held outside the banking system had been recovered since the start of the exercise.

Today, Mr Emefiele finally honoured a long-standing invitation to appear before the House of Representatives ad hoc committee on the matter. Answering questions from the lawmakers, Mr Emefiele confirmed that the CBN Act mandates commercial banks to accept old notes even after the February 10 deadline.

Hon Femi Gbajabiamila, the House of Representatives Speaker, said: “After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank.” Mr

Speaking at the hearing, Mr Emefiele said he is in agreement with the parliament on section 20 of the CBN Act. He added: “Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money and I stand with the House of Reps on this.

"If you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange. You will not lose your money, this is the assurance I give to Nigerians."