Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), today appeared before the House of Representatives committee to address issues on the naira redesign policy and the availability of new notes.

At a session coordinated by the House of Representatives’ Special Adhoc Committee on Naira Redesign Policy, Emefiele assured the honourable members that after the 10 February 2023 deadline, banks are still empowered to collect the old naira notes from the public.

He said: “Chairman Adhoc Committee and leader of the House of Representatives, Honourable Ado Doguwa, and other distinguished members, I thank you for giving us the opportunity to come and address you this morning.

“I think it is right for me to address my unavoidable absence to heed the invitation of the committee. Let me apologise for the occasions I was not able to come, as it was not intended to undermine your work, the committee and the hallowed chamber.

“In agreement with House of Representatives and subject to section 20, subsection 3 which says even after the old currency notes have lost its legal tender status that we are mandated to collect those monies. We will still continue to accept old notes into bank accounts.”

Related News

Emefiele added that the naira redesign policy was not an easy exercise, but the CBN was happy that in nineteen years, it was able to carry out this important mandate, just as he sought the support of everyone.

“The overriding interest is to make the Nigerian economy stronger and better” Emefeile added.

It should be recalled that the Speaker of the House of Representatives had threatened to issue a warrant of arrest on the CBN governor for failure to appear before it on the naira redesign policy.

Media reports across the country indicate that many banks and their ATMs are not dispensing the new naira notes.

The Nigerian Observer visited a number of banks in Benin City to interact with many customers who expressed frustration at getting both the new and old notes.