CBN To Accept Old Notes After February 10 Deadline

The Central Bank of Nigeria, CBN, says Commercial banks in Nigeria will continue to accept old naira notes from customers after the February 10 deadline

CBN Governor, Mr Godwin Emefiele, stated this when he appeared before the the ad hoc committee set up by House of Representatives, on the CBN naira redesign policy.

But Mr Emefiele did not say how long the expired notes would be admitted by the banks.

The Speaker of the House, Mr Femi Gbajabiamila, had accused the CBN governor of breaching Section 20 of the CBN Act which according to him, mandates commercial banks to accept old notes even after the deadline.

Mr Emefiele, while addressing the ad hoc committee, said he agreed with the lawmakers on Section 20 of the CBN Act.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “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 an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”

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