Emefiele assures that old notes will not lose value after deadline

CBN Governor, Godwin Emefiele, made this known at a fact finding engagement with the special committee of the House of Representatives on the latest bank’s cashless policy.

After last week’s threat of arrest, CBN Governor, Godwin Emefiele, was before the lawmakers to respond to their enquiries.

He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

The CBN Governor apologised for his inability to reply to the parliament’s calls earlier and reiterated his admiration for the institution.

In his presentation, Godwin Emefiele, insisted the policy is in the overriding interest of the nation’s economy.

Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation.

He said the CBN stands with the position of the House of Representatives on the provisions of section 20(3) of the CBN Act, assuring Nigerians they will not lose their money.

He said the N1.4 trillion in circulation as at 2015 rose to N3.23 trillion by 2022.

More than 2.7 trillion Naira of this amount was in peoples homes and not the bank’s, thereby making CBN’s monetary policy difficult.

He blamed Deposit Money Bank’s for the scarcity of the new naira notes and seeks the support of the anti graft agencies to nip any form of connivance in the bud.

Godwin Emefiele apologised to Nigerians for the difficulties being experienced and assured them they will not lose their money even after the deadline by the apex bank

As part of measures the bank is taking to make the transition seamless, the CBN governor says 1.5 million super agents, other wise known as agent bankers have effectively been deployed to the grassroots

All CBN staff have been deployed to their localities to attend to the needs of the people.

The bank’s expectation is that with the support of the national assembly, the graft and security agencies, the nation’s economy will be the better for it.

The President, in a statement by his Senior Special Assistant on Media & Publicity, Garba Shehu said “A number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos,”

President Buhari added that the government would ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man.