Banks will accept old naira notes after deadline - Emefiele

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

 Speaking during an interactive session with the house of representatives ad hoc committee on the currency redesign and Naira swap policy on Tuesday, January 31, Emefiele stated that the CBN will also 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”.