By Deborah Christopher
The Central Bank Governor Mr Godwin Emefiele said, banks in Nigeria will still accept old naira notes from customers after the February 10 deadline.
Mr Emefiele said this, on Tuesday, while appearing before the ad hoc committee set up by the House of Rep on the CBN naira redesign policy, although he did not state how long the expired notes would be admitted by the banks.
Recall that, the House of Reps Speaker Femi Gbajabiamila , had accused the CBN governor of breaching section 20 of the CBN Act which 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 month after, even in June, all the old notes presented to the the shall be redeemed by the bank,” Gbajabiamila had stated in a Thursday speech.
Mr Emefiele , while addressing the ad hoc committee, said he agreed with the lawmakers on section 20 of the CBN Act.
According to section 20, “says even after the old currency has lots its legal tender status that we are mandated to collect that money. And I stand with the house to Reps on this,” he stated , adding that, ” if you have your money that you have not been able to send to the bank.
He added , “we will certainly give you the opportunity to bring them back into the CBN to redeem it. 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 Nigeria’s. “
Emefiele apologised to the lawmakers for failing to answer the previous summons , which the chairman said was accepted.
