Naira Redesign: No Nigerian will lose money – Emefiele

…says banks will accept old notes after Feb 10 deadline

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured that no Nigerian will lose money under the naira redesign project explaining that the project is in the overall interest of Nigerians and the economy.

Emefiele gave the assurance when he appeared before the House of Representatives ad-hoc committee on the review of the bank’s cashless policy and extension of the timeframe of the currency swap programme on Tuesday, January 31, 2023.

He added that subject to the provision of Section 20(3) of the CBN Act, Nigerians would be given the opportunity to redeem the face value of the naira in their possession after the currency would have lost its legal tender status on February 10, 2023, deadline only at the CBN.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this.

“If you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange – we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated.

On the steps taken by the CBN to ensure the effective distribution of the new banknotes, he disclosed that about N1.9 trillion had so far been collected since the commencement of the exercise.

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