Ajiri Imah

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele on Tuesday disclosed that banks will accept the old naira notes even after the February 10 stipulated deadline.

Emefiele made this known during an interactive session with the house of representatives adhoc committee on the currency redesign and naira swap policy.

According to Emefiele, Section 20 (3) of the CBN act mandates the apex bank to continue to accept old notes after its expiration.

Section 20 (3) of the CBN act reads: “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”.

However, the CBN governor did not mention a duration when the banks will stop collecting the old notes.