JUST IN: Banks Will Accept Old Naira Notes After Deadline, Says Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has made a new announcement about the old naira notes. He says banks will continue to accept old naira notes after the stipulated deadline. Emefiele spoke on Tuesday when he appeared at an interactive session with the house of representatives ad hoc committee on the currency redesign and naira swap policy.

He said the CBN will also accept the old naira from banks after the February 10 deadline. Emefiele made reference to the CBN act mandates the apex bank to continue to accept old notes after it’s expiration.

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”.

More to follow...

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Posted: at 31-01-2023 03:44 PM (1 month ago) | Hero

These people are just playing with people's emotions and character This is absurd 

Posted: at 31-01-2023 05:13 PM (1 month ago) | Gistmaniac

Its all about  Tinubu whose monies  were to be discarded, now he has  got what he wants i know he's going to slush the market with his stolen wealth .

Posted: at 31-01-2023 07:09 PM (1 month ago) | Gistmaniac