You can still submit your old Naira notes after the February 10 deadline — CBN Governor.

You can still submit your old Naira notes after the February 10 deadline — CBN Governor.

The Governor of the CBN has revealed that commercial banks must accept the old Naira notes even after the expiration of the February 10 deadline.

He announced this on Tuesday before the House of Representatives ad hoc committee looking into the implementation of the policy.

The CBN governor said he agrees with section 20(3) of the CBN Act, which provides that commercial banks must accept old notes after a deadline.

Section 20 (3) of the Act says: “Notwithstanding Sub-sections (1) & (2) of this section, the Bank shall have power, if directed to do so by the President & after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof & 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."