•Insists old N200, N500, N1000 no longer tenable after February 10

•Pledges no Nigerian will lose their money, seeks support

•Accuses commercial banks of breaching CBN’s guidelines

•Reiterates EFCC, other security agencies working with apex bank on new naira distribution, monitoring

•Lawmakers elated with CBN gov’s explanation, pass N1tn ways and means loan request

James Emejo Udora Orizu, Juliet Akoje in Abuja and James Sowole in Abeokuta

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday told holders of the old N200, N500 and N1000 banknotes that in line with the provision of Section 20(3) of the CBN Act, they would still have the opportunity to redeem the face value of their cash only at central bank offices nationwide after the February 10, 2023 deadline, when the currencies would have lost its legal tender status.


Also, the CBN governor assured Nigerians that nobody would lose their legitimately earned money due to the naira redesign project, saying the exercise was in the overall interest of Nigerians and the economy.

Emefiele said this during a meeting with the House of Representatives Ad-hoc Committee on the Review of the CBN’s Cashless Policy and Extension of the Timeframe of the Currency Swap programme, held in Abuja.

Emefiele who was accompanied to the meeting by all the four Deputy Governors of the CBN, before responding to the questions thrown at him by the lawmakers, apologised for his inability to appear in previous summons.He said he was on vacation and later on a trip to Senegal with President Muhammadu Buhari.

He told the parliament that the value of old naira notes of N200, N500 and N1000 would still be redeemed even after they have ceased to be legal tender after the February 10 deadline, at the CBN.

He said the redemption was in tandem with the law, precisely section 20 (3) of CBN act, noting the essence was to mop up the old notes in circulation.

While reeling out the steps taken by the central bank to ensure the effective distribution of the new banknotes, he disclosed that about N1.9 trillion of the old banknotes had so far been collected since the commencement of the exercise.

According to him, the currency redesign policy has so far recorded about a 75 per cent success rate given the fact that many of those in the rural and underserved locations across the 36 states of the country have had the opportunity of swapping their old banknotes for the new series of the banknotes.He noted that one of the reasons for the naira redesign was to bring in the N2.7 trillion outside the banking system which is currently being held in people’s homes.

Emefiele explained, “Besides, the general practice across the globe and that practice is that every five to eight years, the CBN is supposed to redesign or do some form of changes do its currency.

“The reason is because CBN has to be in the position from time to time to have control of money supply in the country. Unfortunately, we have not had the luxury of carrying out this important aspect of our mandate in the last almost 19 years to the extent in 2015, the currency in circulation was N1.4 trillion. “In October 2022, currency in circulation had risen to N3.23 trillion. More than double in seven years. It’s very unfortunate that it more than doubled in eight years. Out of the N3.23 trillion, more than N2.7 trillion was outside the banking system. More than N2.7 trillion is held in people’s homes.“What that does is that it makes our mandate of monetary policy very difficult. When we are not in control out of N2.3 trillion, what we see in the banking system is just about N500 billion. There is no how our law which you the lawmakers have made for us to carry out, our work can be effective and that is the reason.

“I thank the president that in 19 years, we have had an opportunity to carry out this important aspect of our mandate. We are grateful to him because he listened after we provided him the needed explanations about what we have been going through in the monetary policy.“What that does is that it makes our mandate of monetary policy very difficult. When we are not in control out of N2.3 trillion, what we see in the banking system is just about N500 billion.

https://www.thisdaylive.com/index.php/2023/02/01/cash-swap-old-banknotes-redeemable-only-at-cbn-after-deadline-says-emefiele/

No need to cry us a river again.....They should take their ill-gotten money to CBN by themselves and stop using the common man to cover face for their corruption.

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Emiefele and Co has already lost the battle to put the common man in pain just to prove a selfish parochial point.

If it is where people with responsibility do the right thing Emiefele should have resigned by now after this his thoughtless & adverse policy.

Ha.
Obidients sha!!!

This is old news. 01/02/2023.
Lives will be lost if it isn't extended. There are a thousand ways to curb vote buying during election, making the poor suffer shouldn't be one of them.

Davies25:
Ha.
Obidients sha!!!

This is old news. 01/02/2023.
Lives will be lost if it isn't extended. There are a thousand ways to curb vote buying during election, making the poor suffer shouldn't be one of them.

They're bunch of illiterate hypocrites.
They told us in recent past that vote buying won't work this time around, then turn again to insinuate that the naira swap will stop vote buying they've never believed it will work. Smh!

IT IS AS SIMPLE AS ABC.

IF YOU FEAR ARREST WITH BULK OF UNDISCLOSED BILLIONS OF OLD NOTES,SHARE THEM TO THE MASSES LET THEM GO TO CBN AND CHANGE THEM TO EAT, IF YU LOVE THE MASSES TRULLY.
NO MORE VOTEBUYING
NO MORE ELECTION RIGGING INTO POWER IFSHA