How To Exchange Old Naira Notes After February Deadline - CBN | The Street Reporters Newspaper How To Exchange Old Naira Notes After February Deadline - CBN | The Street Reporters Newspaper
Old Naira Swap After Deadline

How To Exchange Old Naira Notes After February Deadline – CBN

Kindly Share this Story

This post has already been read 165 times!

The apex bank in the country, the Central Bank of Nigeria (CBN) has given conditions for the swap of old Naira notes after the February deadline.

Clarifying the position of the CBN Governor, Godwin Emefiele, the Director of the Corporate Communications Department at the CBN, Osita Nwanisobi, said that the old N200, N500 and N1,000 notes will be accepted after the February 10, 2023 fresh deadline.

Speaking with newsmen in Abuja on Tuesday, Mr Nwanisobi explained that the old notes would cease to be legal tender after the fresh deadline, and can no longer be used for any form of transaction afterward.

How To CBN Swap Old Notes After Deadline

Nwanisobi said after the deadline, Nigerians will be able to redeem the face value of the Naira only at the CBN and not at commercial banks. He also added that the acceptance will be subject to meeting certain conditions.

ALSO READ  Enugu PDP Gov'ship Candidate, Peter Mbah, Slams N1bn Libel Suit On APC Chairman, Independent Newspaper

The apex bank’s spokesman emphasised 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”.

The duration for the acceptance of the old notes after the expiration of the deadline was, however, not stated.

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

ALSO READ  Lagos Court Orders IGP, AGF to Pay N400m to Families of Four Ladipo Traders

Earlier on Tuesday, Emefiele appeared before the House of Representatives Adhoc Committee on naira swap months after the invitation by lower chamber and days after the Speaker of the House, Femi Gbajabiamila threatened to issue an arrest warrant on the apex bank Governor.

The CBN chief told the committee that the old notes would be accepted after the February 10 deadline.

The CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

ALSO READ  CNPP Tasks INEC On Credible Polls, Hails President Buhari, Security Agencies

The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.

Many Nigerians have lamented the scarcity of new notes as the January 31 deadline approached while the National Assembly demanded a six-month extension.

However, emerging from a meeting with the President on Sunday, the CBN Governor said Buhari gave approval for the deadline to be extended to February 10.

Kindly Share this Story

Comrade James Ezema is a veteran journalist and media consultant. He is a political strategist. He can be reached on +2348035823617 via call or WhatsApp.

Notify of
Enter your name
Enter a valid email address to comment
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x
Call Now ButtonCall Us Now!