From Ndubuisi Orji, Abuja
Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has said the apex bank will continue to redeem old N1000, N500 and N200 notes after the February 10 deadline, for their phase-out.
Emefiele made the announcement on Tuesday when he appeared before the House of Representatives ad hoc committee mandated to interface with the CBN over the phase-out of the old notes and scarcity of new ones.
The CBN governor, who assured that Nigerians would not lose their money, stated that the redesigned currency has helped to check inflation in the country, as well as curtailed kidnapping and banditry.
According to him, “even if the old notes have exhausted their legal tender status, you can bring it to the CBN, you will not lose your money. We are happy that in 19 years we are able to carry out this mandate
“With the redesign of new naira notes, inflation is moderating, the exchange rate is stable and we are hoping that naira can be stronger”
“The incidence of kidnapping and banditry had reduced, adding that the CBN was aware that in the process of redesigning of naira notes, some would be hurt.”
Emefiele, while appealing for the understanding of the parliament and Nigerians at large, said the CBN means well. He stated that ” at this initial stage, there will be hitches but it is to make Nigeria’s economy better and stronger.”
He added that the apex has deployed its staff to various parts of the country to sensitise the populace about the new notes, noting that the effort has recorded over 75 per cent success.