BREAKING: Banks will still accept old notes after deadline – Emefiele tells Reps


, governor of the central bank, have stated that Nigerians with old notes can still deposit them at commercial banks after the deadline of February 10.

In his testimony before the House of Representatives ad hoc committee on Tuesday, made this claim.

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You may recall that the lawmakers had charged Emefiele with violating CBN Act section 20.


Femi Gbajabiamila, the Speaker of the House, claims that the CBN Act requires commercial banks to accept obsolete currency.

In a speech on Thursday, Mr. Gbajabiamila stated that the old notes that were presented to the bank would be redeemed by the bank even five months, three months, or two months after the expiration date, which could happen as early as June.

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Emefiele stated during the hearing that he concurs with the parliament on section 20.


“Section 20 states that we are required to collect that money even after the old currency has lost its legal tender status.

And on this, I support the House of Representatives,” he added.


He continued, “If you have money that you’ve been trying to send to the bank but can’t, we’ll definitely give you the chance to redeem them by bringing them back into the CBN.

We give it to you with the option to pay with a bank transfer or make an exchange. Your money won’t be lost. I give Nigerians this assurance, the man said.

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