CBN Governor, Emefiele Bows To Pressure Appears Before NASS, Assures Nigerians Banks ‘ll Accept Old Naira Notes After Deadline
… CBN Governor Emefiele has finally appeared before Reps Ad Hoc Committee.
The Governor of the Central Bank of Nigeria(CBN) Godwin Emefiele on Tuesday appeared before the ad hoc committee of the House of Representatives on the cashless policy and deadline for the replacement of old currency notes.
This online newspaper understands that Emefiele, who was supposed to appear before the Committee last week, failed to do stating he was out of the country with President Muhammadu Buhari.
The House threatened to invoke the provisions of section 89(1)(d) of the Constitution by issuing a warrant of arrest today to compel him to appear.
The CBN Governor, who appeared with some of his assistants, went into a brief Executive session with members of the committee.
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Banks Will Accept Old Naira Notes After Deadline – Emefiele Assures Nigerians
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has assured Nigerians that banks will continue to accept old naira notes after the stipulated deadline.
Emefiele spoke on Tuesday when he appeared at an interactive session with the house of representatives ad hoc committee on the currency redesign and naira swap policy.
He said the CBN will also accept the old naira from banks after the February 10 deadline.
Emefiele made reference to the CBN act mandates the apex bank to continue to accept old notes after it’s 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.