CBN will still accept old Naira notes after February 10 - Emefiele

Godwin Emefiele has said Nigerians can still return the old Naira notes to the Central Bank of Nigeria (CBN) after the expiration of the February 10 deadline.

Pulse had earlier reported that the apex bank had extended the deadline for the expiration of the three series of Naira which include the N200, N500, and N1,000 notes by 10 days.

Recall that CBN had earlier said the old notes will cease to be legal tender by January 31, 2023, following the introduction of redesigned versions.

However, explaining why the deadline was extended, the CBN Governor said in a statement on Sunday, January 29, 2023, that it was to "allow for the collection of more old notes legitimately held by Nigerians."

In addition, Emefiele said the apex bank has created a seven-day window, which will commence on February 10, to allow holders of the old notes to lodge them with the CBN after the old currency would have lost its legal tender status.

Emefiele's words: “A 7-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act, allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.”

The CBN Governor also sought the corporation of all Nigerians in the implementation of the policy.