Emefiele Gives New Deadline On Acceptance Of Old Naira Notes By Banks

Godwin Emefiele, the governor of the Central Bank of Nigeria, has stated that banks in Nigeria will continue to accept old Naira notes after the predetermined deadline.

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 that requires the apex bank to keep taking old notes even after they had expired.

According to Section 20 (3) of the CBN Act,

“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”.

GWG.ng reports that before giving the new deadline on the old naira notes that Governor Emefiele had told the legislators that he was unable to present at the two previous appointments because he was out of the country.

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