Central Bank of Nigeria governor, Godwin Emefiele has hinted that banks will accept old naira notes after the February 10 deadline. Mr. Emefiele who was speaking during an appearance at a session of the House of Representatives ad hoc committee on currency and new naira notes said the banks and the CBN was constitutionally bound to accept the old notes. Section 20 (3) of the CBN act 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 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,” “What does that mean? It could (old notes) have lost its legal tender status which means we have moved on. But 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 it. Either you pay it to your bank account or you want to do an exchange, we will give you. You will not lose your money. This is the assurance I give to Nigerians,” Emefiele said.
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