The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that banks will continue to accept old naira notes after the stipulated February 10 deadline.
Emefiele disclosed this on Tuesday when he appeared at an interactive session with the House of Representatives ad hoc committee on the currency redesign and naira swap policy.
He added that the CBN will also accept the old naira notes from banks after the February 10 deadline.
Emefiele also made reference to the CBN act, which mandates the apex bank to continue to accept old notes after it’s 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”.
, Mr Godwin Emefiele, has said that banks will continue to accept old naira notes after){kind=link}