GODWIN EMEFIELE BOWS TO PRESSURE AS BANKS WILL ACCEPT OLD NAIRA AFTER DEADLINE 

The governor of Central Bank of Nigeria (CBN), Godwin Emefiele has bowed to the demand of the House of Representatives for a gradual phase-out of the old naira notes. 

He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation. 

According to Godwin, “You will not lose your money even when it loses its legal tender. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed.”

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