Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has stated that financial institutions across the country would continue to collect the old naira notes, even after the Friday, February 10, deadline.
Emefiele made this known on Tuesday, January 31, 2023, when he appeared before the House of Representatives.
Referencing the act that mandates the apex bank to continue to accept old notes after their expiration, Emefiele allayed Nigeria’s fear about the phasing out of the notes.
BizWatch Nigeria, however, understands that Section 20 (3) of the CBN act states: “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.”
