He made reference to the CBN act mandates the apex bank to continue to accept old notes after its expiration.
The Central Bank Governor, Godwin Emefiele, has said deposit money banks will continue to accept the old naira notes after the February 10 deadline.
Emefiele during an interactive session with the House of Representative ad hoc committee on the currency redesign and naira swap policy on Tuesday said the CBN will also accept the old naira from banks after the announced deadline.
He made reference to the CBN act mandates the apex bank to continue to accept old notes after its expiration.
Section 20 (3) of the CBN act 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.”