Godwin Emefiele, the Central Bank of Nigeria(CBN) has danced to the demand of the House of Representatives to honour the gradual phase-out of the old naira notes.
Emefiele made this known when he eventually honoured the summon of the ad hoc Committee of the lower chamber pm Tuesday (today).
He explained that Nigerians won’t lose the old notes after the February 10 extended deadline.
He clarified that while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.
Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation.
He said the CBN stands with the position of the House of Representatives on the provisions of section 20(3) of the CBN Act, as he assured that Nigerians they will not lose their money.
According to him: “You will not lose your money even when it loses its legal tender. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed.”
He acknowledged the pains the policy has, so far, caused Nigerians as he assured that the CBN will do everything possible to address them.
