Godwin Emefiele, governor of the Central Bank of Nigeria, emphasized that only the top bank would continue to accept the old naira notes after the February 10 deadline. In a statement released on Tuesday by the Director of the Corporate Communications Department, Mr. Osita Nwanisobi, of the Central Bank of Nigeria (CBN) explained that the old notes would cease to be legal money on February 10, 2023, and cannot be used for any type of transaction
However, he noted that “in accordance with Section 20(3) of the CBN Act, Nigerians would only be able to redeem the face value of the Naira at the Central Bank after the currency lost its status as legal tender, subject to certain restrictions.
Nigerians would not lose their money, but he urged them to use the extended deadline of February 10, 2023 to deposit the old banknotes in their hands at banks or mobile money agents. Citing examples from other locales, Nwanisobi emphasized that banknotes that have ceased to be legal currency are only redeemed upon demand by the monetary authorities of such countries, subject to any conditions/processes set by that Central Bank.