CBN Governor, Godwin Emefiele Says Banks Will Still Accept Old Naira Notes After Deadline

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that banks will still accept the old Naira notes even after the expiration of the 10 February deadline.

KanyiDaily recalls that Emefiele had recently extended the deadline for the swap of the newly-designed N1,000, N500, and N200 notes following an outcry from Nigerians.

But speaking on Tuesday when he appeared before the House of Representatives ad hoc committee, Emefiele said the CBN will still accept the old naira from banks after the February 10 deadline.

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”.

Speaking further on the CBN act, Emefiele explained that even after the old currency has lost its legal tender status “we (CBN) are mandated to collect these money (old notes) and I stand with the house of representatives on this”.

“What does that mean? It could (old notes) have lost its legal tender status which means we have moved on.

“But if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it.

“Either you pay it to your bank account or you want to do exchange, we will give you. You will not lose your money. This is the assurance I give to Nigerians,” Emefiele said.

KanyiDaily recalls that the House of Representatives had threatened to issue warrants of arrest for the CBN Governor, Godwin Emefiele.