Banks will accept old banknotes after the deadline – Emefiele

Commercial banks in Nigeria will continue to accept old naira notes from customers after the February 10 deadline, Nigerian Central Bank Governor Godwin Emefiele told the House of Representatives on Tuesday.

Emefiele stated this during his appearance before the ad hoc committee set up by the House on the CBN naira redesign policy.

It should be remembered that the legislators had accused Emefiele of violating article 20 of the CBN law.

Chamber Speaker Femi Gbajabiamila accused the CBN Governor of violating Section 20 of the CBN Act which he says obliges commercial banks to accept old banknotes even after the deadline.

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

Emefiele, addressing the ad hoc committee, said that he agreed with the legislators on Section 20 of the CBN Act.

“Section 20 says that even after the old currency has lost its legal tender status, we are required to collect that money. And I’m with the House of Representatives on this,” he stated, adding that, “if you have your money that you haven’t been able to send to the bank. We will certainly give you a chance to bring them back to the CBN for redemption. Either you pay it to your bank account or you want to make an exchange, we give it to you. You will not lose your money. This is the security I give Nigerians.”

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