Home Business Naira redesign: Nigeria’s Central Bank governor, Emefiele says banks will still accept old notes after deadline
BusinessNews

Naira redesign: Nigeria’s Central Bank governor, Emefiele says banks will still accept old notes after deadline

Share
CBN governor, Godwin Emefiele delivering a speech at the event. Photo credit: CBN Facebook page.
Share

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

The CBN governor stated this on Tuesday while appearing before the House of Representatives ad hoc committee.

Confiance News recalls that the lawmakers had 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.

“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.

While speaking at the hearing, 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,” he said.

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,” he stated.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Start your career with NNPC Limited

Start your career with NNPC Limited
Start your career with NNPC Limited

Member

Don't Miss

“How eating iru healed my eyesight.” True life story of a 67-year-old woman

“I used to have a very bad eyesight. Water frequently drips from my eyes and I don’t see things well,” Agatha Okoro (not...

Why Nigeria’s legislator, Senator Abaribe shut down National Assembly

By Chioma Obinagwam A drama ensued at the Nigerian National Assembly Friday, as Senator representing Abia South Senatorial district since 2007, Enyinnaya Abaribe,...

Related Articles

Why Nigeria’s legislator, Senator Abaribe shut down National Assembly

By Chioma Obinagwam A drama ensued at the Nigerian National Assembly Friday,...

How Transcorp Group notched 188% Profit After Tax in FY 2024

By Chioma Obinagwam Nigeria’s leading Conglomerate, Transcorp Corporation PLC, has said that...

IWD: NGX Group, CSCS, SEC others accelerate action for gender equality

By Chioma Obinagwam The Nigerian Exchange Group Plc (NGX Group), Central Securities...