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.