MATTERS ARISING: Is it legal for cenbank to reject old naira notes after deadline? | TheCable
Bolanle OlabimtanAmid complaints over difficulties encountered with swapping old naira notes for new designs, the Central Bank of Nigeria In a statement issued on Sunday, Godwin Emefiele, the CBN governor, said aside from the February 10 deadline, an additional seven days has been added as “grace period” for Nigerians to deposit their old notes directly with the CBN.
“A person shall not be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin.”Speaking on the implication of the above-stated sections, Festus Ogun, a Lagos-based legal practitioner, said the CBN is under compulsion to accept old notes even after the deadline for validity.
“Section 20 is clear. It says that the CBN has a mandatory duty to redeem the old notes when presented to them or presented to the bank.” “It does not necessarily imply that the old currency can no longer be accepted by the bank even after the expiration of the deadline. The banks can accept it and present it to CBN because CBN has a duty to accept it from them.
“What this section does is to empower the CBN to bring in legal tender and to declare old ones no longer legal tender,” he said.
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