Old naira to be accepted by banks after deadline – Emefiele

The Central Bank of Nigeria, CBN, governor, Godwin Emefiele has stated that the Nigeria’s old naira notes would still be accepted by commercial banks after deadline given.

Emefiele was reacting to questions by the House of Representatives Adhoc Committee on the currency redesign and naira swap policy on Tuesday in Abuja.

According to him, financial institutions will be collecting the old naira notes until there are completely phased out of the economy.

The Apex bank boss reacting to concerns by the parliamentarians said, the CBN itself will be accepting deaouta of old naira notes.

He cited a CBN Act that mandates the apex bank to allow such.

Section 20 (3) of the CBN act states: “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.”