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CBN Gov Stands On February 10 Deadline For Legal Status Of Old Naira Notes

Contrary to reports that trended in media today, January 31, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has maintained the stand that the February 10 deadline for legal tender status of the old naira notes will not change even as he assured that no Nigerian will lose money under the Naira redesign project.

The Governor, who in a statement said that the project is in the overall interest of Nigerians and the economy, gave the assurance during a meeting with the ad-hoc committee of the House of Reps on the review of the Bank’s cashless policy and extension of the timeframe of the currency swap programme of the Bank.

Emefiele said that subject to the provision of Section 20(3) of the CBN Act, Nigerians would be given the opportunity to redeem the face value of the Naira in their possession after the currency would have lost its legal tender status on February 10, 2023, deadline only at the CBN.

Reiterating that Nigerians will not lose their money, the CBN boss sought the cooperation of the National Assembly to ensure the success of the programme.

He reeled out the steps taken by the Bank to ensure the effective distribution of the new banknotes, saying that about N1.9 trillion had so far been collected since the commencement of the exercise.

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According to him, the currency redesign policy had so far recorded about a 75 per cent success rate given the fact that many of those in the rural and underserved locations across the 36 states of the country have had the opportunity of swapping their old banknotes for the new series of the banknotes.

Emefiele, who was accompanied to the meeting by all the four deputy governors at the Bank, disclosed that the Bank had deployed about 30,000 super agents to work with the Bank’s staff currently in the hinterland to ensure that the underserved and vulnerable members of the society are adequately catered for.

The CBN Governor also disclosed that the CBN was working closely with relevant agencies of the Federal Government to ensure full compliance with the CBN guidelines issued to the deposit money bank for the seamless distribution of the new banknotes.

Speaking earlier, the Chairman of the Special Ad-hoc committee, Ado Doguwa, expressed the support of the House of Representatives for the cashless policy of the Bank, stressing that the House would assist the CBN in achieving its mandate in that regard.

Dogowa welcomed the submission of the CBN Governor and stressed the need for more collaboration.

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