Banks will continue to accept old notes after deadline – Emefiele

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By Aminu Kutama

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has clarified that banks will continue to accept the old naira notes even after the deadline for swapping with the newly-designed currency notes.

The apex bank recently extended the deadline for the swap of the newly-designed N1,000 and N500 and N200 notes following an outcry from Nigerians.

While appearing before the House of Representatives committee on the new naira redesign and naira swap policy Tuesday, the CBN chief said banks will still accept the old notes after the deadline.

He said subject to Section 20, Subsection 3 of the CBN Act 2007, even after the old currencies have lost legal tender status, the banks will continue to accept the old notes for onwards transfer to the apex bank.

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