Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has assured Nigerians that Old notes will still be accepted by Commercial banks even after the February 10 deadline extension date for swapping. Emefiele gave this assurance on Tuesday 31st Jan 2022 while appearing before the House of Representatives ad hoc committee.
It can be recalled that the Speaker of the House, Femi Gbajabiamila, on Thursday 26th of January 2022 accused the CBN governor of breaching Section 20 of the CBN Act which, according to him, mandates commercial banks to accept old notes even after the deadline.
“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank."
Emefiele, while addressing the ad hoc committee, agreed with the lawmakers on Section 20 of the CBN Act, noting that “Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he stated, adding that, “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 them. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians.”
The Governor who had earlier failed to honour the House’s invitations explained to the lawmakers that he was out of the country.
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