Naira redesign: Emefiele says banks will accept old naira after deadline

The Central Bank of Nigeria (CBN) on Tuesday assured the members of the public that nobody will lose money as banks will continue to accept old naira notes after the deadline.

Godwin Emefiele governor of the CBN said this in Abuja during an interactive session with the House of Representatives ad hoc committee on the currency redesign and naira swap policy.

The CBN on Sunday extended the deadline for the phase out of old naira notes by 10 days from January 31, 2023 to February 10, 2023, to allow collection of the old notes.

Emefiele who mentioned the CBN act, while speaking with the lawmakers said that even after the old currency has lost its legal tender status, the CBN is mandated to collect these money (old notes) and “I stand with the house of representatives on this.”

Section 20 (3) of the CBN act stipulates that “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”.

“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 will give you. You will not lose your money. This is the assurance I give to Nigerians,” Emefiele said.

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.