Banks will accept old naira notes after deadline – Emefiele

Banks will accept old naira notes after deadline - Emefiele

After the deadline, banks in the nation would still accept the old Naira notes, according to Godwin Emefiele, governor of the Central Bank of Nigeria.

Emefiele revealed that the CBN will also take the old naira from banks after the February 10 deadline during an interactive session with the House of Representatives ad hoc committee on the currency redesign and naira swap policy on Tuesday, January 31.

He also made mention of a CBN Act, which requires the top bank to keep taking old notes even after they had expired.

Section 20 (3) of the CBN act reads;

“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.”


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