The Central Bank of Nigeria (CBN) has clarified Godwin Emefiele’s earlier statements that the old N200, N500, and N1,000 will be accepted after the new February 10, 2023 deadline.
During his meeting with members of the House of Representatives, Emefiele informed Nigerians that the apex bank will continue to accept the previous Naira notes after the deadline on February 10.
Osita Nwanisobi, Director of the Corporate Communications Department at the CBN, explained to journalists in Abuja that the old notes would no longer be legal tender and could not be used for business transactions after February 10, 2023.
He mentioned that Nigerians will only be able to redeem the face value of Naira notes at the Central Bank of Nigeria (CBN) after the deadline, not at their commercial banks. Additionally, he stated that certain conditions must be met before acceptance will be granted. However, he did not specify the prerequisites.
According to the CBN Act’s Section 20(3), Nigerians would be able 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,” according to the apex bank’s spokesperson.
However, he did not specify the time frame within which the old notes could be accepted after the February 10 deadline.