Banks Will Accept Old Naira Notes After Deadline, Says Emefiele

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

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

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.

But 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 CBN will continue to accept the old notes.