Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), stated that banks will still receive old currency deposits even after the deadline set by the CBN on February 10th. This was revealed by Emefiele during a hearing before the House of Representatives Committee on Tuesday.
Emefiele was taken into account on the final day of January during an interactive session with the house of representatives ad hoc committee on the currency reform and naira swap policy.
Following the deadline of February 10, he claimed that the Central bank would still accept old naira from banks.
Emefiele quoted the CBN law, which requires the top bank to keep accepting old currencies after they expire.
Despite subsections (1) and (2) of this section, the CBN act’s section 20 (3) states that the bank has the authority to call in any of its notes or coins upon the president’s direction and after giving reasonable notice in that regard. However, subject to section 22 of the act, any note or coin with respect to which a notice has been given under this subsection ceases to be legal tender upon the expiration of the notice.
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