• Home
  • About Us
  • Contact Us
Friday, March 24, 2023
Star Lite News
  • Home
  • News
    • All
    • Business
    NLC

    Naira Scarcity: NLC Declares Nationwide Strike, Protests At CBN

    United Kingdom

    Elections: UK To Close Lagos Visa Application Centres Monday Over Safety Concern

    Buhari

    Buhari Signs Amended Constitution To Allow States Generate, Transmit Electricity

    53-year-old woman who was allegedly found with laminated electoral materials

    Lagos Police Arrest Woman With Laminated INEC Materials

    Inspector-General of Police

    Guber Election: IGP Orders Restriction Of Movement On Election Day

    House of Representatives

    Reps Extend Resumption By One Week

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    GTCO Food & Drink Festival

    GTCO Food & Drink Festival 2023… A Celebration Of Food!

    Adeniyi Johnson and Seyi Edun

    Actor Adeniyi And Wife Finally Become Parents As They Welcome Twins

    Nollywood Veterans Visits Agbaminoja

    Agbaminoja Plays Host To Nollywood Veterans

    Nancy Isime

    Filming with legends will forever put a big smile on my face – Nancy Isime

    Coolio

    American Rapper, Coolio, Dies Suddenly In Friend’s House

    Ned/Laila

    ‘I listened too much to outsiders’ – Ned Nwoko’s 5th wife Laila apologises to him

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    NLC

    Naira Scarcity: NLC Declares Nationwide Strike, Protests At CBN

    United Kingdom

    Elections: UK To Close Lagos Visa Application Centres Monday Over Safety Concern

    Buhari

    Buhari Signs Amended Constitution To Allow States Generate, Transmit Electricity

    53-year-old woman who was allegedly found with laminated electoral materials

    Lagos Police Arrest Woman With Laminated INEC Materials

    Inspector-General of Police

    Guber Election: IGP Orders Restriction Of Movement On Election Day

    House of Representatives

    Reps Extend Resumption By One Week

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    GTCO Food & Drink Festival

    GTCO Food & Drink Festival 2023… A Celebration Of Food!

    Adeniyi Johnson and Seyi Edun

    Actor Adeniyi And Wife Finally Become Parents As They Welcome Twins

    Nollywood Veterans Visits Agbaminoja

    Agbaminoja Plays Host To Nollywood Veterans

    Nancy Isime

    Filming with legends will forever put a big smile on my face – Nancy Isime

    Coolio

    American Rapper, Coolio, Dies Suddenly In Friend’s House

    Ned/Laila

    ‘I listened too much to outsiders’ – Ned Nwoko’s 5th wife Laila apologises to him

  • Lifestyle

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Economy

Banks ‘ll Still Accept Old Naira Notes After Deadline – Emefiele

starliteadmin by starliteadmin
January 31, 2023
in Economy
0
Godwin Emefiele
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has revealed that commercial banks will continue to accept old naira notes after the stipulated deadline.

He made the clarification on Tuesday when he appeared at an interactive session with the House of Representatives ad hoc committee on the currency redesign and naira swap policy.

He said the CBN will also accept the old naira from banks after the February 10 deadline.

Emefiele made reference to the CBN act which mandates the apex bank to continue to accept old notes after its expiration.

However, the CBN governor did not mention a duration when the banks will stop collecting the old notes.

Section 20 (3) of the CBN act states: “Notwithstanding sub-sections (1) and (2) 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 bank upon demand.”

Speaking further on the CBN act, he explained that even after the old currency has lost its legal tender status “we (CBN) are mandated to collect these money (old notes) and I stand with the House of Representatives on this.”

“What does that mean? It could (old notes) have lost its legal tender status which means we have moved on. But if you have your money that you have not been able to send to the bank, we will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange, we will give it to you. You will not lose your money. This is the assurance I give to Nigerians,” Emefiele said.

Tags: CBNCurrency Redesign and Naira Swap PolicyGodwin EmefieleGovernor of the Central Bank of NigeriaHouse of Representatives Ad hoc CommitteeOld Naira NotesStarlitenews
Previous Post

Abiola Bawuah Emerges UBA First Female CEO For Africa Operations

Next Post

Second Allocation: Akmodel Homes And Properties Always Walk The Talk

starliteadmin

starliteadmin

Related Posts

Old Naira Notes

CBN directs banks to comply with Supreme Court order on cash swap

by starliteadmin
March 14, 2023
0

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to comply with the Supreme Court’s judgement of March...

New Naira

Supreme Court adjourns to 3rd March 2023

by starliteadmin
February 22, 2023
0

The Supreme Court on Wednesday adjourned judgement in the new naira policy suit to March 3, 2023. The court, which...

CBN

Central Bank Denies Directing Banks To Accept Old N1000, N500 Notes

by starliteadmin
February 17, 2023
0

The Central Bank of Nigeria (CBN) says it has not directed commercial banks to continue with the collection of the...

NNPCL

Fuel Scarcity: Transporters Threaten Protest At NNPC Headquarters

by starliteadmin
February 7, 2023
0

The Coalition of Transporters has threatened to picket headquarters of the Nigeria National Petroleum Company Limited (NNPCL) over fuel scarcity....

Godwin Emefiele

CBN Will Not Extend The Deadline For New Naira Swap – Emefiele

by starliteadmin
February 5, 2023
0

Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has ruled out the possibility of extending the deadline for...

Nigeria Is Facing Existential Threat – World Bank Warns

by starliteadmin
August 12, 2022
0

The World Bank has raised an alarm that Nigeria might be facing an existential threat due to its dwindling economy....

Next Post
Akmodel Homes and Properties

Second Allocation: Akmodel Homes And Properties Always Walk The Talk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • A Day With Legends of Nollywood

    Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0
  • Akmodel First Physical Allocation At Akmar Flourish Gardens Epe (Photos)

    0 shares
    Share 0 Tweet 0
  • Agbaminoja, CSP Oriyomi, Dr. Kenny Muibi, Others Storm AKMODEL GROUPS 2nd Anniversary (Photos)

    0 shares
    Share 0 Tweet 0
  • Unity Bank, Lagos Food Bank Partner To Donate Food Items To Lagos Community

    0 shares
    Share 0 Tweet 0
  • AKMODEL Groups C.E.O, Bldr. Odegade Clocks A New Age

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Naira Scarcity: NLC Declares Nationwide Strike, Protests At CBN
  • GTCO Food & Drink Festival 2023… A Celebration Of Food!
  • Dangote Cement To Pay About N340billion Dividend On Friday, April 14th
  • Breaking: LP Wins First Gov Election As INEC Declares Otti Abia Gov-Elect
  • ELECTIONS: Archbishop Martins Condemns Ethnic Profiling, Calls for Peace, Tolerance
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.