Old Naira Notes: CBN Announces What Will Happen After Feb. 10 Deadline

Old Naira Notes: CBN Announces What Will Happen After Feb. 10 Deadline

Godwin Emefiele, governor of Central Bank of Nigeria, CBN, has clarified reports on the use of the old naira notes, stressing that only the apex-bank would still accept the old notes after the February 10 deadline.

The CBN, in a statement on Tuesday by the Director, Corporate Communications Department, Mr. Osita Nwanisobi, explained that the old notes would cease to be legal tender after February 10, 2023, and can no longer be used for any form of transaction afterwards.

However, he stated that “in line with the provision of Section 20(3) of the CBN Act, Nigerians would have the opportunity to redeem the face value of the Naira only at the Central Bank, after the currency had lost its legal tender status, subject to meeting certain conditions.

Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents.

Citing instances in other climes, Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions upon demand subject to conditions /processes as may be prescribed by that Central Bank.