Governor Godwin Emefiele of the Central Bank of Nigeria (CBN) has explained the bank’s policy on taking old naira notes. Emefiele told the Ad Hoc Committee on Currency Redesign and Naira Swap Policy of the House of Representatives that banks will still be able to accept old naira notes after February 10.
Emefiele said that the CBN Act makes it clear that the central bank has to keep taking old bank notes from banks. He said that the CBN is committed to making sure that the redesign of the currency and the naira swap policy go smoothly for everyone.
The governor’s announcement comes as a relief for many Nigerians who may still have old naira notes in their possession. People will have more time to trade in their old notes for new ones because the CBN will continue to accept them after the deadline.
Emefiele’s statement is also expected to ease concerns among banks and other financial institutions that may have been worried about the potential impact of the deadline on their operations. The CBN’s promise to keep taking old notes after the deadline will help make sure that everyone has a smooth transition.
The CBN Governor’s announcement gives people, banks, and other financial institutions more information and peace of mind about the bank’s policy on accepting old naira notes. The CBN’s promise to keep taking old bills after the deadline will help make sure that the currency redesign and naira swap policy go smoothly.
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