Old Naira notes to be redeemed even after deadline - Emefiele

Old Naira notes to be redeemed even after deadline – Emefiele via politicsngr

POLITICS NIGERIA reports that Emefiele finally appeared before the House of Representatives which summoned him over the confusion caused by the redesign of some naira notes and the exchange of old naira notes with new ones.

Section 20 of the CBN act states: “Notwithstanding sub-sections and of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and 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...

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