Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that banks will continue to accept old naira notes after the February 10 deadline.
Emefiele who made this known on Tuesday in Abuja when he appeared before the House of Representatives Ad hoc Committee on the currency redesign and naira swap policy added that the apex bank will also continue to collect the old naira notes from commercial banks after the stipulated deadline.
On the redesigning of the naira, he explained that the CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation.
Emefiele said in 2015 N1.4 trillion was in circulation, and by 2022 it had risen to N3.33 trillion.
He explained that the reason for directing banks to ensure only ATM withdrawals was to limit the daily withdrawal of individuals.
The CBN boss decried the trend of the new notes being sighted at parties and stated he was in meetings with commercial banks to mitigate it.
Emefiele agreed that the policies would hurt some persons but claimed it was in the interest of the country especially in combating insecurity.
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