The Central Bank of Nigeria Governor, Godwin Emefiele, on Tuesday disclosed that commercial banks will continue to accept the deposit of old naira notes after the expiration of the February 17 deadline.
He stated this while appearing before the House of Representatives committee on the new naira redesign and naira swap policy.
He stated that, according to Section 20, Subsection 3 of the CBN Act 2007, the CBN will continue to accept outdated currencies even after they have lost legal tender status.
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.
It would be recalled that the highest banking institution in Nigeria on Sunday extended the deadline for the swap of the newly-designed N1,000 and N500 and N200 notes following an outcry from Nigerians.