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CBN will accept old naira notes after deadline, says Emefiele



After refusing to honor two invitations from the House of Representatives’ ad-hoc committee looking into the limited supply of the new currency. Finally CBN governor has appeared before the committee.

This is after the speaker of the house of representatives threatened to arrest the CBN governor if he fails to appear before the committee

The CBN governor apologized for not being able to accept the invitations and clarified that this was not done to undermine the committee’s work.

The CBN governor went on to react to the scarcity of the new notes. He said that he addressed the bankers on Sunday and expressed his disappointment and that of the president.

The CBN governor said that instead of the new notes to be used for the purpose for which it is meant for, it is being used in parties and in celebrations.

The CBN governor also said ” Subject to the content of the CBN act section 20 subsection 3, which says even after the old currency has lost its legal tender status, we are mandated to collect them”.

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