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The old naira notes will still be accepted in all Banks across Nigeria
Godwin Emefiele, Governor of the Central Bank of Nigeria, has made clear that banks in Nigeria will continue to accept old Naira notes after the deadline has passed.
On Tuesday, January 31, Emefiele mentioned that the CBN will accept old naira from banks just after February 10 deadline during an interactive session with the House of Representatives ad hoc committee on the currency redesign and Naira swap policy.
He also mentioned a CBN act that requires the central bank to continue accepting old notes after they expire.
Section 20 (3) of the CBN act reads;
“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”.
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