BREAKING: CBN Governor, Emefiele Response To House Of Representatives Over Old Naira Notes

BREAKING: CBN Governor, Emefiele Response To House Of Representatives Over Old Naira Notes

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), on Tuesday, January 31, 2023, stated that financial institutions will continue to receive the old naira notes, even after the deadline that was set to phase them out.

Emefiele made this known when he appeared at an interactive session with the house of representatives ad hoc committee on the currency redesign and naira swap policy.

According to the CBN chief, the central bank would also accept the deposited old naira notes from the financial institutions that collect them.

Emefiele cited a CBN Act that mandates the apex bank to allow such.

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.”