How Reps, Speaker Gbajabiamila Influenced New Directive On Deadline Of New Naira Notes

News of the Tuesday disclosure by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele that the old naira notes would still be accepted by banks after the February 10, 2023 deadline, had gladdened the hearts of Nigerians.

Emefiele, who met with the Federal House of Representatives Committee, had made reference to the CBN Act that mandates the apex bank to continue to accept old notes after it’s expiration.

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.”

It was however, gathered that if the Speaker of the Federal House of Representatives, Rt. Hon. Femi Gbajabiamila had not clarified the Position of CBN Act Section 20 as touching the change of the naira as legal tender and the intricacies surrounding it, the CBN would have most likely not cleared the air on it.

Recall that contrary to the high-handed stance that Emefiele came out with at first, the stance is softening.

It was first “any money not in the bank by 30th of January will be useless,” with this new provision clarified by the Speaker, beyond the deadline, the naira can still be mopped up by the CBN.

“This is high-impact leadership, leadership that cares about the people, leadership that works. That is the Gbaja brand of politics, one that is not self-serving, but will give itself in the service of the electorates,” said a source, who added that the Federal House of Representatives still hopes to get more compromise from the Apex Bank on the introduction of the new naira notes.