The value of the old 200, 500, and 1,000 Naira notes would still be redeemed even after they stop being accepted as legal cash by the deadline of February 10 according to CBN Governor Mr. Godwin Emefiele.
He explained that the redemption followed the law, namely Section 20(3) of the CBN Act, and noted that the goal was to remove all of the old notes that were still in use.
The governor gave a speech on Tuesday when he testified before the House of Representatives’ special committee on the apex bank’s cashless policy.
According to him, the CBN supported the House’s position on the measure.
The guarantee, as expected, relieved the Committee members’ mounting tension as they exhaled sighs of relaxation and smiled broadly.
Ado Doguwa, the chairman of the committee, responded quickly and thanked Emefiele for his assurance, saying that there wouldn’t have needed to be a meeting if it had been given earlier. Doguwa was delighted by the remarks.