Banks will accept old notes after deadline – Emefiele
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele has announced that commercial banks will still accept the old notes even after the deadline of February 10, 2023.
Speaking during an interactive session with the house of representatives ad hoc committee on the currency redesign and Naira swap policy on Tuesday, January 31, Emefiele stated that the CBN will also accept the old naira from banks after the deadline.
He also referenced a CBN act which mandates the apex bank to continue to accept old notes after its expiration.
Section 20 (3) of the CBN act reads;
“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”.
that is good news…..
What I know is that you have achieved your objective
May Almighty God leads us through
Both of you can do and undo because you have the power
In whatever you do, just always remember the common man in the country