CBN Naira Policy: Banks To Accept Old Notes After Deadline? Emefiele Gives Update

CBN Naira Policy: Banks To Accept Old Notes After Deadline? Emefiele Gives Update

  • The Central Bank of Nigeria has announced to citizens that old naira notes will still be accepted even after the February 10 deadline
  • This was relayed to made known to Nigerians by CBN's governor, Godwin Emefiele, on Tuesday, January 31
  • Emefiele who appeared before the House of Representatives for an interactive session on Tuesday said even the apex bank will accept old notes after February 10

Abuja - Days after President Muhammadu Buhari extended the deadline for the use of old naira notes, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has given a crucial update on the new policy.

During his interactive session with lawmakers of the House of Representatives on Tuesday, January 31, Emefiele clarified that despite the set deadline (February 10), commercial banks will continue to accept old naira notes, The Cable reports.

Godwin Emefiele
Emefiele had an interactive session with lawmakers at the House of Reps (Photo: @cenbank)
Source: Twitter

According to him, the CBN will also accept the old naira from banks after the deadline.

In his explanation, Emefiele made cited the CBN Act which mandates the apex bank to continue accepting old notes after their expiration.

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through!

The portion of the act he made reference to 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.”

CBN naira policy: Emefiele bows to pressure, appears before House of Reps

Amid calls for his arrest, Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), is said to be at the complex of the National Assembly to answer questions on the new naira note policy.

Emefiele was to be grilled by members of the House's ad-hoc committee responsible for investigating the new cash withdrawal limit and cash swap policy.

Emefiele who was sighted at the National Assembly complex was accompanied by some management staff of the apex bank.


Online view pixel