THE House of Representatives’ request for a progressive phase-out of the old naira notes has been granted by the Central Bank of Nigeria (CBN).

After the extended deadline of February 10, Nigerians won’t lose their old notes, according to CBN Governor Godwin Emefiele, who testified before the House of Representatives ad hoc Committee, on Tuesday.

He claimed that even though the old notes lose their legal tender status once the deadline has passed, Nigerians can still swap them for new ones at the bank or deposit the old ones into 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.

Emefiele assured Nigerians that they would not lose their money, saying that the CBN supports the House of Representatives’ stance on the requirements of section 20(3) of the CBN Act.

“You won’t lose your money”, he said, “even if it stops being legal tender. You can pay it into your account by bringing it to the bank. But if possible, let’s make this policy work”.

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