Afrigather 
Godwin Emefiele, governor of the Central Financial institution of Nigeria, knowledgeable the Home of Representatives on Tuesday that business banks in Nigeria will proceed to just accept outdated naira payments from prospects after the February 10 deadline.
Emefiele revealed this when testifying earlier than the Home’s advert hoc committee on the CBN naira redesign technique, nonetheless, he didn’t specify how lengthy expired notes could be accepted by banks.
Speaker Femi Gbajabiamila had accused the CBN governor of violating Part 20 of the CBN Act, which, based on him, requires business banks to just accept outdated notes even after the deadline.
“After the expiration date, such naira notes modified will not be authorized tender but it surely additionally says that even 5 months, three months, or two months after, even in June, all of the outdated notes offered to the financial institution shall be redeemed by the financial institution,” Gbajabiamila had said in a Thursday speech.
Emefiele, whereas addressing the advert hoc committee, stated he agreed with the lawmakers on Part 20 of the CBN Act.
“Part 20 says even after the outdated foreign money has misplaced its authorized tender standing that we’re mandated to gather that cash. And I stand with the Home of Reps on this,” he said, including that, “in case you have your cash that you haven’t been in a position to ship to the financial institution. We will definitely provide the alternative to carry them again into the CBN to redeem it. Both you pay it to your checking account otherwise you wish to do an change — we offer you. You’ll not lose your cash. That is the peace of mind I give to Nigerians.”
Emefiele apologized to the legislators for not responding to the prior summons, which was accepted by the chairman.
He argued that the coverage ought to have been applied a number of years earlier and that the CBN merely seized the possibility to cashless-ize the economic system. In keeping with him, Nigerians will shortly see the coverage’s advantages.
After the over an hour-long listening to, the chairman of the advert hoc committee, Alhassan Ado-Doguwa, known as for an govt (closed-door) session with committee members.
Later, the Majority Chief and members entered the chamber the place plenary was in session.
The committee’s report was offered, mentioned, and authorised by the Home.
