Banks Will Continue To Accept Old Naira Notes After February 10-Emefiele
Fred Omotara, Lagos
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday said that banks will continue to accept old Naira notes after the February 10 deadline.
Emefiele spoke when he appeared before the House of Representatives Ad hoc committee on the currency redesign and Naira swap policy.
He said the CBN will also accept the old Naira from banks after the February 10 deadline.
Emefiele made reference to the CBN Act which mandates the apex bank to continue to accept old notes after its expiration.
Section 20 (3) of the CBN Act states: “Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”.
Speaking further on the CBN act, he explained that even after the old currency had lost its legal tender status “We (CBN) are mandated to collect these money (old notes) and I stand with the House of Representatives on this.”