CBN clarifies position on old naira note deadline

The Central Bank of Nigeria (CBN) has clarified its position on the February 10, 2023, deadline for phasing out of the N1,000, N500, and N200 banknotes.

This was as Godwin Emefiele, the governor of the apex bank, on Tuesday, finally honoured an invitation by the House of Representatives, where he assured the lawmakers that Nigerians would not lose their money.

Speaking with newsmen in Abuja, on Tuesday, January 31, 2023, Osita Nwanisobi, director, corporate communications department at the CBN, explained that the old notes would cease to be legal tender after February 10, 2023, and would no longer be used for any form of transaction afterwards.

However, he stated that in line with the provision of Section 20(3) of the CBN Act, Nigerians would have the opportunity to redeem the face value of the naira only at the central bank, after the currency had lost its legal tender status, subject to meeting certain conditions.

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Reiterating the pledge of the CBN governor, Emefiele, at the meeting with the House of Representatives ad-hoc committee on Tuesday, January 31, 2023, Nwanisobi said Nigerians would not lose their money, even as he urged citizens to take advantage of the extended deadline of February 10, 2023 to deposit the old banknotes currently in their possession at their banks or through mobile money agents.

Citing instances in other climes, Nwanisobi explained that banknotes that cease to be legal tender are only redeemable by the monetary authorities of such jurisdictions upon demand subject to conditions /processes as may be prescribed by that Central Bank.

Nwanisobi also used this opportunity to encourage Nigerians to adopt other payment channels for their transactions, saying that Nigeria’s payment system is robust enough and ranks among the first in the world.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.