Naira Swap: No Nigerian Will Lose Money – Emefiele

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured that no Nigerian would lose his or her money to the Naira swap policy of the government.

He also reiterated that the policy was in the overall interest of Nigeria’s economy.

This is just as the Speaker of the House of Representatives, Femi Gbajabiamila, also assured Nigerians that the option of reviewing the deadline to redeem the old currency was not foreclosed.

Emefiele spoke during a meeting with the House of Representatives ad-hoc committee interfacing with the apex Bank and the Chief Executive Officers (CEOs) of Commercial Banks on the deadline for the swap of old Naira notes at the National Assembly Complex.

He added that subject to the provision of Section 20(3) of the CBN Act, Nigerians would be given the opportunity to redeem the face value of the Naira in their possession after the currency would have lost its legal tender status at the expiration of February 10, 2023 deadline only at the CBN.

“Nigerians will not lose their money,” he declared, just as he sought the cooperation of the National Assembly to ensure the success of the policy.

While reeling out the steps taken by the apex Bank to ensure the effective distribution of the new banknotes, he disclosed that about N1.9 trillion had so far retrieved from circulation since the commencement of the exercise.

According to him, the currency redesign policy had so far recorded about a 75 per cent success rate given the fact that many of those in the rural and underserved locations across the 36 states of the country have had the opportunity of swapping their old banknotes for the new series of the banknotes.

Emefiele, who was accompanied to the meeting by all the four deputy governors of the CBN, disclosed that the Bank had deployed about 30,000 super agents to work with the Bank’s staff currently in the hinterland to ensure that the underserved and vulnerable members of the society were adequately catered for.

The CBN Governor also disclosed that the apex Bank was working closely with relevant agencies of the Federal Government to ensure full compliance with the CBN guidelines issued to the deposit money banks for the seamless distribution of the new banknotes.

However, while speaking on the report of the House committee, Gbajabiamila said if the pressure on Nigerians to redeem the old currency had not subsided when the deadline elapsed, the CBN would be opened to another review.

“This is very key, and it is not included in the report. But I heard the CBN has not foreclosed the option of another review,” Gbajabiamila said.

Speaking earlier, the Chairman of the Special Ad-hoc committee, Hon. Ado Doguwa, expressed the support of the House of Representatives for the cashless policy of the apex Bank, stressing that the House would assist the CBN in achieving its mandate in that regard.

Dogowa welcomed the submissions of the CBN Governor and stressed the need for more collaboration.