CBN Governor Godwin Emefiele Announces Old Naira Notes Will Still be Accepted After February 10 Deadline

The Central Bank of Nigeria (CBN) has announced to citizens that old naira notes will still be accepted even after the February 10 deadline. This was revealed to Nigerians by CBN’s governor, Godwin Emefiele, on Tuesday, January 31.

During his interactive session with lawmakers of the House of Representatives, Emefiele clarified that even after the set deadline, commercial banks and the CBN will continue to accept old naira notes.

Amid calls for his arrest, Emefiele appeared before the House of Reps to answer questions on the new naira note policy. He was accompanied by some management staff of the apex bank.

He made reference to the CBN Act which mandates the apex bank to continue accepting old notes after their expiration.

The portion of the act he made reference to 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.”

The Central Bank of Nigeria has made it known that old naira notes will still be accepted even after the February 10 deadline.

Governor Godwin Emefiele clarified this during his interactive session with lawmakers of the House of Representatives. He also made reference to the CBN Act which mandates the apex bank to accept old notes after their expiration.