The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, did not instruct commercial banks to continue to accept old naira notes after the February 10 deadline earlier set by the apex bank.
This was according to the CBN spokesperson, Osita Nwanisoba, who refuted the reports
Newspapers had quoted Emefiele as disclosing the alleged new directive when he appeared before the House of Representative ad hoc committee overseeing the implementation of the naira redesign policy.
The House of Representatives also shared a video of the meeting on Twitter, quoting Emefiele as saying “In agreement with @HouseNGR resolution and subject to section 20, subsection 3 which says even after the old currency have lost its legal tender status that we are mandated to collect those monies. We will still continue to accept old notes into bank accounts”
But Nwanisoba while making clarification said “I think they are getting this wrong. The CBN did not reveal moving the deadline forward but insisted on the 7-day grace to deposit old Naira notes to any CBN branches nationwide.”
Section 20 subsection (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.”