The Governor of the Central Bank of Nigeria, Godwin Emefiele, told the House of Representatives on Tuesday that commercial banks in Nigeria will still accept old naira notes from customers after the deadline of February 10.
Emefiele stated this while appearing before the ad hoc committee set up by the House of Representatives on CBN naira redesign policy, though he did not say how long the expired notes would be accepted by the banks.
The Speaker of the House, Femi Gbagabyamila, has accused the Governor of the Bank of Canada of violating Section 20 of the CBN Act which, according to it, mandates commercial banks to accept old banknotes even after the deadline.
After the expiration date, the changed naira notes will no longer be legal tender, but it also says that even after five months, three months, two months, even in June, all the old notes given to the bank will be redeemed by the bank,” Gbajabiamila has said. she stated in a letter on Thursday.
Addressing the ad hoc committee, Emefiele said he agreed with lawmakers on Section 20 of the CBN Act.
“Section 20 says that even after the old coin has lost its legal tender status, we are obligated to collect that money. And I stand with the House on that,” he said, adding, “If you had your money that you couldn’t send to the bank. Definitely the opportunity to take it back to CBN for a refund. Either you pay it into your bank account or you want to make an exchange – we give it to you. You won’t lose your money. That’s the assurance I give Nigerians.”
Emefiele apologized to lawmakers for not responding to the earlier subpoena, which the president said was accepted.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, told the House of Representatives on Tuesday that commercial banks in Nigeria will still accept old naira notes from customers after the deadline of February 10.
Emefiele stated this while appearing before the ad hoc committee set up by the House of Representatives on CBN naira redesign policy, though he did not say how long the expired notes would be accepted by the banks.
The Speaker of the House, Femi Gbajabaimila, has accused the Governor of the Bank of Canada of violating Section 20 of the CBN Act which, according to it, mandates commercial banks to accept old banknotes even after the deadline.