Banks Will Accept Old Naira Notes After Deadline – Emefiele

Banks Will Accept Old Naira Notes After Deadline - Emefiele | Daily Report Nigeria

Governor of the Central Bank of Nigeria, Godwin Emefiele has said that banks will continue to accept the old naira notes even after the stipulated deadline.

The CBN governor made the disclosure 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 noted that the CBN will also accept the old naira from banks after the February 10 deadline.

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He also referenced a CBN act which mandates the apex bank to continue to accept old notes after its expiration.

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”.

Recall that the apex bank recently extended the deadline for the swap of the newly-designed N1,000 and N500 and N200 notes following an outcry from Nigerians

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