Banks Will Accept Old Notes After February 10 - Emefiele

Paschal Emeka, Abuja | January 31, 2023

The Governor of the Central Bank of Nigeria, Godwin Emefiele has assured Nigerians with old notes that they can still deposit them at commercial banks even after the February 10 deadline.

Emefiele stated this on Tuesday when appearing before the House of Representatives ad hoc committee.

Recall that the lawmakers had accused Emefiele of breaching section 20 of the CBN act.

According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr. Gbajabiamila had said in a speech on Thursday.

While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.

“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 said.

He explained further 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 them. 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,” he stated.

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