BREAKING: Banks Will Still Accept Old Notes After Deadline – Emefiele Tells Reps

The Central Bank Governor, Godwin Emefiele has said that Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline.

Emefiele declared this on Tuesday while appearing before the House of Representatives ad hoc committee.

It would be recalled 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.

Although Mr Emefiele had on Sunday announced 17 Februrary as the "grace period" for the Nigerians to deposit the money, the lawmakers are insisting that it must be months, not days.

In his speech, Mr Emefiele said "the law which says even after the old currency has lost its legal tender status that we are mandated to collect these money. And I stand with the House of Representative on this. What does that mean? It could have lost its legal tender status which means we have moved on.