Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has announced that banks will continue to accept old Naira notes even after the stipulated 10th February deadline.
This statement was made by Emefiele during the interactive session with the House Of Representatives ad-hoc committee on Currency Redesign and Naira Swap Policy.
According to Section 20 (3) of the CBN Act which 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 on 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 such notice cease to be legal tender…”.
Customers can continue depositing old naira notes into their banks even after February 10 while more updates follow.
Article updated 1 week ago. Content is written and modified by multiple authors.
