Governor of Central bank of Nigeria Godwin Emeliefe has disclosed that the commercial banks in Nigeria must accept the old naira notes after the deadline slated to be 10 February.
The governor disclosed this during a meeting with House of representatives adhoc committee on Tuesday after looking into the implementation of the policy.
Emefiele said that he agrees with the Section20(3)of the CBN act ,which provided that commercial bank must accept old naira notes after the deadline.
Section 20 (3) of the Act says: “Notwithstanding Sub-sections (1) & (2) of this section, the Bank shall have power, if directed to do so by the President & after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof & 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.”
Recently, The federal House of representative Adhoc committee on new naira re-design and Naira swap policy has rejected the 10 days extension for swapping the newly re-designed N200, N500, N1000 by CBN Governor Godwin Emefiele.
This was made known by the chairman of the committee, Hon.Alhassab Ado Doguwa during a statement . According to him, the 10 days extension the the swapping of the naira note is not the solution to the current problem. He further stated committee that they will only accept with the compliance of section 20 sub 3,4,5 as a means to tackle the challenging situation.
He further stated that the house will go ahead to issue an arrest warrant to Apprehend CBN Governor Godwin Emefiele to appear before the Adhoc committee.
