CBN says there is no going back on the February 10 deadline

CBN says there is no going back on the February 10 deadline

The Central Bank of Nigeria (CBN) says there is no going back on February 10, 2023, deadline for swapping the old N1,000, N500, and N200 notes as legal tender.

The bank’s governor, Mr Godwin Emefiele, stated this while speaking on the naira redesign

policy at the Ministry of Foreign Affairs. He assured members of the diplomatic community

that it was on top of the policy and cash withdrawal limit policies.

Emefiele Speaks on February Deadline

According to him, long queues have gradually reduced since the commencement of over-the-counter

payments to complement ATM disbursements and the use of super-agents. This comes as the Supreme

The court earlier restrained the Federal Government from implementing the February 10 deadline for the

currency swap.

No Shifting of February 10 Old Naira Note Deadline, Emefiele

He said that there is no need to extend the deadline as the banks have started paying over

the counter He said PoS operators should come to the CBN to redeem the loss they incur

instead of charging customers high, He added that Point of Sale agents who charge above

two hundred nairas for the CBN cash swap programme will be prosecuted.

CBN says there is no going back on the February 10 deadline

Emefiele said: “Some of our leaders are buying the new notes and storing them for whatever

purpose and I will not expand further on that.” He said the CBN acknowledges the suffering

of Nigerians, adding that effective policy implementation could scrap 4 per cent of the

inflation numbers.

Emefiele stated that the volume of cash in circulation should be about N700 billion.

RELATED NEWS:

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