Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has stated that banks will continue to accept old naira notes after the February 10 deadline.
Emefiele also stated that the apex bank will continue to collect old naira notes from commercial banks after the deadline has passed.
On Tuesday in Abuja, he made this known during an interactive session with the House of Representatives Ad hoc Committee on the currency redesign and naira swap policy.
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Emefiele referred to Section 20, Subsection 3 of the CBN Act 2007, which requires the top bank to continue accepting old currencies after the deadline has passed.
Concerning the redesign of the naira, he stated that the CBN’s actions were consistent with worldwide best practices and that the apex bank must maintain control over the currency in circulation.
According to Emefiele, N1.4 trillion was in circulation in 2015, and by last year, it had climbed to N3.33 trillion.
He added that the purpose for directing banks to allow just ATM withdrawals was to limit people’ daily withdrawals.
The CBN governor lamented the pattern of fresh notes being seen at parties and claimed that he was working with commercial banks to address it.
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Emefiele acknowledged that the policies would harm certain people, but argued that they were in the best interests of the country, particularly in combatting instability.
The CBN chief, therefore, appealed to lawmakers to allow the programme to succeed.
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