Cash Swap: Nigerians won’t lose old notes after deadline

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Abuja, Jan. 31, 2023 – The Central Bank of Nigeria (CBN) on Monday assured Nigerians that they would not lose their old notes after the Feb. 10 deadline of the currency swap.

Godwin Emefiele, the governor of the apex bank, said this when he appeared before the House of Representatives ad hoc Committee on phase-out of the old naira notes. 

He said that while the old notes would cease to be legal tender after the deadline, Nigerians could still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

“You will not lose your money even when it loses its legal tender.

“You can take it to the bank, pay it into your account.

“But we should please allow this policy to succeed,” he said.

Emefiele said the CBN stood by the position of the House of Representatives on the provisions of section 20(3) of the CBN Act.

Section 20(3) of the CBN Act, 2007 provides that the CBN should continue to accept the old notes until they are phased out of circulation. 

Emefiele said that the apex bank was aware of the pains Nigerians were going through and assured that the CBN was doing everything possible to address them. (GBN)

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