The Central Bank of Nigeria (CBN) says after the February 10 deadline for Naira Swap, Nigerians will only be able to redeem the face value of the Naira at the CBN and not at commercial banks.
CBN’s Director of Corporate Communications Department, Osita Nwanisobi said this on Tuesday while interacting with newsmen.
He said this clarification became important following the position of the CBN governor, Godwin Emefiele, that old N200, N500 and N1,000 will be accepted after the February 10, 2023 fresh deadline.
He explained that the old notes would cease to be legal tender after the February 10, 2023, and can no longer be used for any form of transaction afterward.
Earlier on Tuesday, Emefiele appeared before the House of Representatives Adhoc Committee on naira swap months after the invitation by lower chamber and days after the Speaker of the House, Femi Gbajabiamila threatened to issue an arrest warrant on the apex bank chief.
The CBN chief told the committee that the old naira notes would be accepted after the February 10 deadline.
The CBN had on October 26, 2022, announced its plan to redesign the three banknotes.
President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.
The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
Many Nigerians have lamented the scarcity of new notes as the January 31 deadline approached while the National Assembly demanded a six-month extension.
However, emerging from a meeting with the President on Sunday, the apex bank chief said Buhari gave permission for the deadline to be extended to February 10.