Governor of the Central Bank of Nigeria, (CBN) Mr. Godwin Emefiele, has assured Nigerians of a continual redemption of the naira notes after the re-scheduled February 10 deadline.
The CBN governor, during an interaction with the House of Representatives ad hoc committee on the currency swap policy, on Tuesday, said commercial banks would continue to receive the notes from Nigerians even after the deadline noting that the essence is to mop up the old notes in circulation
This, he explained is in agreement with the law, precisely Section 20 (3) of the CBN act, which 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 concerning 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”.
Members of the Committee in reaction to Emefiele’s assurance heaved sighs of relief at the new development.
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