Breaking: Bank Will Continue To Collect Old Naira Notes After Deadline… CBN Gov. Emefiele

Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, has guaranteed that the 200, 500, and 1,000 Old Naira notes will still be valued even after they stop being accepted as legal cash by the deadline of February 10.

He explained that the redemption followed the law, namely Section 20(3) of the CBN Act, and noted that the goal was to remove all of the old notes that were still in use.

The governor gave a speech on Tuesday when he testified before the House of Representatives’ special committee on the apex bank’s cashless policy.

According to him, the CBN supported the House’s position on the measure.

Expectedly, the assurance doused the heightened tension amongst the members of the Committee as they heaved sighs of relief and beaming smiles.

In his swift reaction, the chairman of the committee, Ado Doguwa who was elated by the remarks thanked Emefiele, saying that had he given the assurance earlier, there wouldn’t have been any need for the meeting.

More details to follow….