Emefiele: CBN won’t extend February 10 deadline for old naira notes

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the CBN would not extend the February 10, 2023, deadline for the validity of the old naira notes.

Emefiele stressed that there was no need to shift the deadline for the validity of old 200, 500, and 1,000 naira notes.

The CBN boss said this during a visit to the Ministry of Foreign Affairs in Abuja on Tuesday.

It would be recalled that the Supreme Court, last Wednesday, extended the deadline for the validity of the old denominations till Wednesday, February 15, 2023.

The apex court made the declaration after it adjourned the hearing of the case against the currency swap until February 15.

However, Emefiele, on Tuesday, 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.

“Therefore, there is no need to consider any shift from the deadline of February 10.”

The CBN Governor further stated that the apex bank would ensure the arrest and prosecution of Point of Sale (POS) operators who charge above N200 for the cash swap programme.

Emefiele said 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.

The apex bank announced plans to redesign the currency on October 26, 2022.

It later set December 15 as the official commencement date for the circulation of the new naira notes, which President Buhari unveiled on November 23, 2022.

The CBN later issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 for individuals and corporate organisations will attract processing fees of five per cent and 10 per cent, respectively.

The Star