Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has put the minds of many Nigerians at ease through his assurance that the apex bank would still accept the old naira notes after the February 10 deadline.

Emefiele made this known on Tuesday while appearing before the House of Representatives Adhoc Committee on Cashless Policy in Abuja.

The CBN governor had, on Sunday, announced the extension of the deadline for submission of the old naira notes from January 31 to February 10 after meeting with President Muhammadu Buhari in Daura. He also announced a 7-day grace period from January 31 to February 7 for people with the old notes to swap them at the CBN even, though they would then have lost status as legal tender.

Addressing the Hallowed Chambers on Tuesday, Emefiele stated that “even if the old notes have exhausted the legal tender status, you can bring it to the CBN, and you will not lose your money. We are happy that in 19 years we are able to carry out this mandate.”

He noted that the naira redesign policy and the cashless policy had been effective in checking inflation in the country as well as minimizing the activities of kidnappers and other armed bandits. 

According to him, “with the redesign of new naira notes, inflation is moderating, the exchange rate is stable and we are hoping that the naira can be stronger. The incidence of kidnapping and banditry has also reduced”.

The Governor also reiterated that difficulties are bound to occur at this initial stage of implementation, but it is in order that the country’s economy becomes better and stronger. He noted that CBN was well aware of the hurt caused to some individuals in the process of redesigning naira notes. However, he urged the legislators and Nigerians in general to show understanding, adding that the CBN is on a mission to combat insecurity and insurgency in the country. 

While appealing to those affected by the policy to bear with the CBN, he also urged Nigerians to comply with the directive as it is in their best interest.