The Nigerian Bar Association has said that the law allows Nigerians to redeem their old naira notes at the Central Bank of Nigeria even after the January 31 deadline set by the apex bank for such activity.
In view of the dearth of information in this regard, the NBA President added that “our recommendation on this issue is that in addition to educating Nigerians on demonetisation itself, a campaign on what happens to old bank notes after January 31 should be launched so as to adequately inform the public on what to do and prevent or reverse the rising panic or agitations caused by concerns about the inability of Nigerians to swap their old notes for the new notes by January 31.
The NBA spokesperson, in a statement, said, “The NBA President informed the Minister that he directed the chairmen of the 128 branches of the NBA to survey and assess the impact of the policy on Nigerians in their respective jurisdictions and the aggregate of report thus far indicated that banking facilities are being overstretched and citizens are uncertain about the policy. Mr.
“From the clear wording of the section, these two conditions must coexist before the power to call any of the notes or coins by the CBN can crystallise.
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