The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, Says banks will continue to accept the 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 February 10 deadline.
Emefiele made reference to the CBN act mandate, the apex bank to continue to accept old notes after its the expiration
Section 20 (3) of the CBN act states Notwithstanding sub-section (1) and (2) of this section, the bank shall never have power , if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of it’s notes or coins on payment of the face value thereof and any note or coins 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
