Just In…Old Naira Notes Can Be Redeemed After Feb 10 Deadline- Emefiele.

The Central Bank Governor, Godwin Emefiele has said banks would continue to receive old naira notes and swap them fir new ones after they stopped being legal tender on February 10.

The CBN boss said this is in conformity with the provisions of section 20 sub-section3 of the CBN Act. He made the clarification on Tuesday during a session with the House of Representatives lawmakers.

Emefiele in his presentation said the introduction of the new Naira notes have helped curb Insecurity and banditry as well as recover the economy since it’s introduction.

He further revealed that out of the over 2.7 trillion naira outside the banking system in 2022,1.9 trillion have been recovered by the Central Bank of Nigeria since November 2022.

Emefiele explained that “only about 900billion to 1 trillion is what the Central back is trying to get back into the system”.

He faulted some commercial banks ,accusing them of breaching the guidelines given by the CBN on the distribution of the new notes,saying the apex bank is now working with anti-graft agencies to monitor the flow of the new notes to the people.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: