The Central Bank of Nigeria (CBN) has clarified its governor, Godwin Emefiele’s position on the old currency notes.
Emefiele, who appeared before the House of Representatives Adhoc Committee on the naira swap earlier on Tuesday, said the banks would continue to accept the old N200, N500, and N1,000 notes even after the February 10 deadline for the Naira swap.
He said: “Section 20 Subsection 3 of the CBN Act 2007 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Representatives on this.”
