CBN insists on February 10 deadline


New Naira is the only as Nigerians Reject Old Naira, News latest update now.

Godwin Emefiele, governor of the Central Bank of Nigeria, stated that there was no need to alter the February 10, 2023 deadline.

During a Tuesday visit to the Ministry of Foreign Affairs to discuss the bank’s monetary and currency redesign policy, he made this statement.

New Naira Notes , Why CBN Extends Deadline for Old Naira Notes
A photo file of New Naira Notes

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He stated, “Since the introduction of over-the-counter payments to supplement ATM disbursements and the use of super-agents, the situation has significantly improved.

Therefore, there is no need to consider a change to the February 10 deadline, he said.

The had previously restrained the federal government from enforcing the February 10 deadline for the currency exchange.


In a unanimous ruling, a seven-member panel of the supreme court led by Justice John Okoro issued a temporary restraining order prohibiting the Federal Government, the Central Bank of Nigeria, and commercial banks from implementing the Friday termination date for the old naira notes.


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However, according to the CBN governor, there was no need to extend the deadline.


In addition, he stated that POS agents who charge more than N200 for the CBN cash swap program will be arrested and imprisoned.

In lieu of charging customers a higher fee, the CBN governor stated that PoS operators can come to the CBN to be compensated for any additional costs incurred in obtaining the new notes.

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