CBN clarifies stance on return of old naira notes after February deadline

By Chioma Obinagwam

Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN), has explained conditions for submission of naira notes after the February 10, 2023 deadline.

Confiance News gathered from a statement issued by the Director, Corporate Communications Department, CBN, Mr. Osita Nwanisobi on Tuesday.

He noted that the old notes can only be accepted by CBN after the February 10 deadline.

“In line with the provision of 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 had lost its legal tender status, subject to meeting certain conditions,” Nwanisobi explained.

He, however, urged Nigerians to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents; adding that no Nigerian would lose their money.