New Naira: No Need To Shift February 10 deadline- CBN Gov Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that there is no need to shift the February 10, 2023 deadline, since the old naira note is no longer a legal tender.
He said this during a visit on Tuesday to the Ministry of Foreign Affairs, to discuss the monetary and currency redesign policy of the bank.
He said, “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents
There is, therefore, no need to consider any shift from the deadline of February 10.”
Earlier, FTN reports that the Central Bank of Nigeria (CBN) has declared that the old N200, N500, and N1000 are no longer legal tender in Nigeria. The apex bank said this took effect from February 10, 2023.
This comes as the Supreme Court earlier restrained the Federal Government from implementing the February 10 deadline for the currency swap.
A seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the Central Bank of Nigeria, and commercial banks from implementing the Friday terminal date for the old naira notes.
However, the CBN governor insisted that there was no need to shift the deadline.
He also said that Point of Sale agents who charge above N200 for the CBN cash swap programme will be arrested and jailed when caught.
The CBN governor further said that the PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new notes rather than charging a higher fee on customers.
Nigerian Central Bank Disregards Supreme Court Order, Says Old Naira Notes No More Legal Tender
The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023.
It was reported that most banks customers were confused on Monday as commercial banks rejected the old Naira notes they wanted to deposit.
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