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[BREAKING] New naira: CBN insists on February 10 deadline

Godwin Emefiele, the Nigerian Central Bank Governor, has stated that there was no need to extend the deadline until February 10, 2023.

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

He stated, “The situation has significantly cooled down since the beginning of over-the-counter payments to complement ATM disbursements and the use of super-agents.”

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

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This comes after the Supreme Court prevented the Federal Government from enforcing the currency swap deadline of February 10.

An interim injunction preventing the Federal Government, the Central Bank of Nigeria, and commercial banks from implementing the Friday terminal date for the old naira notes was granted by a seven-member apex court panel led by Justice John Okoro in a unanimous decision.

However, the governor of the CBN insisted that the deadline should not be extended.

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Additionally, he stated that if caught, Point of Sale agents who charge more than N200 for the CBN cash swap program would be detained and imprisoned.

In addition, the governor of the CBN stated that instead of charging customers a higher fee, PoS operators can approach the CBN to receive compensation for any additional costs associated with acquiring the new notes.

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