CBN Clarifies Position on Naira Swap, Says No Nigerian Will Lose Money

The Central Bank of Nigeria (CBN) has clarified it’s position on the legal status of the old series of the N1,000, N500, N200 banknotes after the February 10 deadline for depositing the affected banknotes.

The Director, Corporate Communication Department of the CBN, Mr Osita Nwanisobi, while speaking with newsmen on Tuesday in Abuja, explained that the old notes will cease to be legal tender after February 10, 2022, and would no longer be used for any form of transactions afterwards.

Thereafter, he stressed that in line with the provision of the section 20(3) of the CBN Act. Nigerians would have the opportunity to redeem the  face value of the naira only at the Central Bank, after the currency has lost its legal tender status, subject to meeting certain conditions.

 Re-emphasizing the pledge of the CBN Governor, Mr.Godwin Emefiele, at the meeting with the House of Representatives Ad-hoc committee on Tuesday, Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline to deposit the old banknotes.

While citing instances from other climes, Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions upon demand subject to conditions/ processes as may be prescribed by that Central Bank.

He further encourage Nigerians to adopt other payment channels for transactions, stressing that Nigeria’s payment system is robust enough and ranks amongst the first in the world.

By Mosunmola Ogi-Olu 

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