Emefiele insists on February 10 deadline for old naira

The Central Bank of Nigeria (CBN) governor Godwin Emefiele, on Tuesday said the February 10, 2023 deadline for phasing out the high value naira stands.

He said this during a visit to the ministry of foreign affairs in Abuja, to discuss the monetary and currency redesign policy of the bank.did sldo:

“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,” he said.

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Emefiele said that Point of Sale agents who charge above N200 for cash swap will be arrested and jailed when caught.

“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,” he said.

The Supreme Court on Wednesday last week suspended the February 10, 2023 deadline for the use of the old N1000, N500, and N200 notes.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.