By Victoria Aliyogbe

The Governor of the Central Bank, Godwin Emefiele, has said commercial banks will still accept the old Naira notes after its expiration on 10 February 2023

Mr Emefiele announced this on Tuesday while appearing before the ad hoc committee set up by the House of Representatives looking into the implementation of the policy, although he did not state how long the expired notes would be accepted by the banks.

The CBN governor said he agrees with section 20(3) of the CBN Act, which provides that commercial banks must accept old notes after a deadline.

The Speaker of the House, Femi Gbajabiamila had 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 its expiration.

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,”

In his speech, Mr Emefiele agreed with the lawmakers on Section 20 of the CBN Act said “the law which says even after the old currency has lost its legal tender status that we are mandated to collect these money. And I stand with the House of Reps on this.

He also said “But 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 will give you. You will not lose your money. This is the assurance I give to Nigerians.”

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