New Naira: CBN not ready to shift February 10, 2023 deadline

The postponement of February 10, 2023 deadline wasn't necessary, according to Godwin Emefiele, Governor of the Central Bank of Nigeria.

In order to discuss the bank's monetary and currency reform policies, he paid a visit to the Ministry of Foreign Affairs on Tuesday.

He 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.

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

This occurs at the same time as the Supreme Court previously prohibited the Federal Government from carrying out the currency swap deadline of February 10.

An interim injunction prohibiting the Federal Government, the Central Bank of Nigeria, and commercial banks from enforcing the Friday terminal date for the old naira notes was granted by a seven-member panel of the Supreme Court, chaired by Justice John Okoro, in a unanimous decision.

The CBN governor emphasized that the deadline didn't need to be pushed back, though.

Additionally, he stated that Point of Sale representatives who charge more than N200 for the CBN cash swap program will be detained and imprisoned when discovered.

The CBN governor added that rather than raising prices for clients, PoS operators might approach the CBN to receive compensation for any additional expenses spent in obtaining the new notes.