Emefiele drops important information on old and new naira notes swapping (Video)

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Tuesday said depositing and swapping the old naira notes with new ones will continue after February 17.

Emefiele, who appeared before the Special Ad-hoc Committee set up by the House of Representatives, said even when the old naira notes ceased to become legal tender, Nigerians could still take them to the bank for swapping and that it would be collected.

He apologised for his inability to honour earlier invitation from the House of Representatives.

“My inability to be here was not intended to undermine the work of the committee neither is it intended to undermine the hallowed chamber of the national assembly.

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“When I give intending extension for more and more of the currency to be collected and then we made more disbursement, even after the old currency has lost its legal status, we are mandated to collect those money and I stand with the House of Representatives on this.

“We will give you opportunities to bring the money into the CBN, either you pay it through your bank account or you want to do exchange, we will give you, you will not lose your money, that is the assurance I am giving Nigerians,” he told the lawmakers.

Emefiele appealed to Nigerians to be patient as the exercise was not an easy one at all, saying that at the initial stage, there would be hitches here and there, but that it was carried out in the overriding interest of the the nation’s economy.

“I want to appeal, this is not an easy exercise, but we are happy that in 19 years we are able to carry out this important aspect of our mandate, we are grateful that we are doing this, but we seek the support and cooperation of everybody.

“At this initial changes, there will be a few hitches, we apologise but I will say this, the overriding interest is the Nigerian economy, make Nigerian economy stronger and better,” he stated.


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