The Naira redesign policy that scrapped the old 1000 naira, 500 naira, and 200 naira notes by the Central Bank of Nigeria continues to create uproar across the country as citizens find it harder and harder to access the new notes.
Speaking while appearing before the House of Representatives ad hoc committee chaired by Ado Doguwa on naira redesign and naira exchange policy, the apex bank Governor, Mr. Godwin Emefiele, allayed the concerns of many who feared the old naira notes. it will not be a valid tender after the expiry of February 10 for the naira exchange policy.
Section 20 (3) of the CBN Act states: “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have the power, if directed by the president and after giving sufficient notice to that effect, to call on any note or coins in payment of the nominal value, and notes or coins about which notice has been given in this sub-section will, at the expiration of the notice, cease to be legal tender., but, according to section 22 of this act, will be redeemed by the bank if desired.
So what will happen to old notes after February 10?
1. If you have old notes that you have not been able to deposit in the bank, the CBN will give you the opportunity to redeem your money in new notes.
2. Before the deadline, you can pay to your bank account or make an exchange at an authorized agent location. Your money will never disappear.
3. After the deadline, you will be able to exchange the nominal value of naira only at CBN and not at commercial banks.
4. However, acceptance will be subject to certain conditions. The CBN has not disclosed the situation.
Where can I find a CBN office in Nigeria?
CBN offices can be found in the capitals of each of Nigeria’s 36 states. Note that the CBN does not have branches outside the country or in other locations except those officially listed on the apex bank’s website. If you receive any correspondence that mentions the name of a CBN branch that is not on this list, do not fall for scammers.
The duration for the acceptance of old notes by the CBN after the expiry of the deadline has not been disclosed.
The federal government is collaborating with the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Crimes Commission (ICPC), the Nigerian Financial Intelligence Unit (NFIU), and other security agencies to ensure the smooth implementation of the naira exchange policy following the recent arrest by operatives DSS of the syndicate that violated the naira exchange policy.
According to the apex bank, there are 1.5 million super agents and 30,000 agents that have been activated to make maximum swaps of 10,000 Naira to ensure coverage of more than 80 percent of Nigerians.
The current development has drawn a lot of reactions from residents as the new naira notes are scarce. Some bank customers do not have access to their notes because most Automated Teller Machines (ATMs) are not working or banks are not issuing new notes to their customers.
Some retailers and merchants are also reportedly rejecting old notes before the deadline, while some local banking agents are adding processing fees to transactions.