The speaker of the house of representatives Femi Gbajabiamila has insisted that commercial banks are obliged to continue to receive fazed out notes until after 5 months of the change in the design.
The speaker quoted sections 20 sub-section 3 of the Central Bank of Nigeria act that compels the CBN to also redeem the face value of the recalled currency upon demand even after the expiration of the recall and notwithstanding the deadline imposed by the CBN.
The speaker also stated that the duration of the excercise should be between a time duration of two to five months.
The speaker was reacting to the failure of the CBN Governor and his official’s refusal to honour the house’ invitation to brief it on the scarcity of the new notes to Nigerians.
