BREAKING: Banks Will Accept Old Naira Notes After Deadline, Emefiele Says
Mr Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says banks will continue to accept old naira notes after the stipulated deadline.
Emefiele spoke 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 said the CBN will also accept the old Naira from banks after the February 10 deadline.
This is an apparent swift and positive response to the call on him by the President of the Nigerian Bar Association, Yakubu Maikyau, OON, SAN, lawmakers and other well meaning Nigerians to revisit the cash swap policy and align it with the provisions of the law.
Recall that this call was made by the NBA President in a letter to the CBN Governor, dated 23 January 2023. READ HERE-Mr Godwin Emefiele, CON_watermarked
Just like Maikyau, Emefiele made reference to the CBN Act that 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”.