Banks will continue to accept old naira notes after the deadline has passed, according to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
Emefiele stated on Tuesday when he appeared before the House of Representatives Special Committee on the redesign of the currency and the naira swap policy.
After the deadline of February 10th, he claimed, the CBN will also accept old naira from banks.
Emefiele mentioned the CBN legislation, which requires the top bank to keep accepting old currencies after they expire.
Despite subsections (1) and (2) of this section, the CBN act’s section 20 (3) states that the bank has the authority to call in any of its notes or coins upon the president’s direction and after giving reasonable notice in that regard. However, subject to section 22 of the act, any note or coin with respect to which a notice has been given under this subsection ceases to be legal tender upon the expiration of the notice.