Emefiele backpedals, says banks would accept old naira notes after deadline

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has softened his stance on the stipulated deadlines for the exchange of old banknotes for new ones.

He had, on Sunday, announced February 10 as the new deadline for Nigerians to swap old banknotes for the newly redesigned ones.

The date shift came in the wake of Emefiele’s meeting with President Muhammadu Buhari on Sunday.

But, in a volte-face, Emefiele told the house of representatives on Tuesay that banks would accept the old notes, despite the deadline.


He cited section 20 (3) of the Central Bank of Nigeria Act. The section, 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”.

More to follow …


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