Section 6: Existing currency

(1)
Currency notes and coins issued by the Bank by virtue of the Act which are legal tender in Nigeria shall on and after the day on which this Act comes into operation remain legal tender until such further day as the Governor of the Bank, giving at least six weeks' notice as respect notes and at least nine months' notice as respects coins, in the Federal Gazette, may specify and shall then cease to be legal tender in Nigeria:
Provided that the Governor of the Bank may, as respects currency notes, extend the period aforesaid for another two weeks unless further extended by the Governor with the approval of the President.
(2)
For the purposes of subsection (1) of this section-
(a) the Bank may so specify different days in relation to different denominations of such currency notes and coins;
(b)
with effect from the coming into operation of this Act, and thereafter while coins issued by the Bank which are legal tender in Nigeria on the coming into operation of this Act remain legal tender in Nigeria, such coins shall be legal tender at their face value up to an amount not exceeding ten Nigerian pounds in the case of coins of denominations of not less than sixpence and up to an amount not exceeding one shilling in the case of coins of lower denomination.