BusinessNigerian News

Banks will still accept old Naira notes after deadline – CBN Governor

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele says Nigerians with old Naira notes can still deposit them at commercial banks after the February 10, 2023 deadline.

He stated this while appearing before the House of Representatives ad hoc committee on Tuesday, January 31.

It was earlier reported that members of the green chamber accused Emefiele of breaching section 20 of the CBN act.

According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes when they are no longer legal tender.

He said; “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.”

While addressing the House committee, the CBN Governor said he is in agreement with the lawmakers on section 20.

Emefiele said; “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 explained further 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 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 Nigerians”.