Godwin Emefiele Says CBN Will Allow Banks Accept Old Notes After Deadline.

Central Bank Governor, Godwin Emefiele has stated that Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline.

The Central Bank of Nigeria Governor disclosed this on Tuesday while appearing before the House of Representatives ad hoc committee.

According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes.

“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,” Mr Gbajabiamila had said in a speech on Thursday, 26 January 2023.

However, while speaking at the hearing on Tuesday, 31 January, Emefiele said he is in agreement with the parliament on section 20.

“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,”

“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,” Emefiele explained.

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