After the deadline for switching to the new currency notes has passed, banks will still accept the old naira notes, according to Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
Godwin Emefiele, who is in charge of the Central Bank of Nigeria (CBN), says that banks will still take old naira notes after the deadline for exchanging them for new ones.
The apex bank has pushed back the deadline for exchanging the new N1,000, N500, and N200 notes because people were upset.
The CBN chairman, however, told a House of Representatives committee on Tuesday about the new naira designs and the naira swap policy that banks will still accept the old notes after the deadline.
According to him, the CBN will still accept the old notes when they cease to be considered legal money, subject to Section 20 and Subsection 3 of the CBN Act 2007.
