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Emefiele Backtracks, Says CBN Will Continue to Collect Old Naira Notes After February 10

Mr Godwin Emefiele has destroyed the essence of the new money policy as he said that the CBN would continue to collect the old notes after the February 10 deadline.

Banks will continue to accept old naira notes after the deadline has passed, according to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).

Emefiele stated on Tuesday when he appeared before the house of representatives’ special committee on the redesign of the currency and the naira swap policy.

After the deadline of February 10th, he claimed, the CBN will also accept old naira from banks. Emefiele noted that the CBN legislation requires the central bank to keep accepting old currencies even after it was passed. According to Section 20 (3) of the CBN Act:

Despite subsections (1) and (2) of this section, the bank shall have the authority, upon the president’s direction and following the giving of reasonable

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