Home » CBN shuns Supreme Court, insists on February 10 deadline for new Naira

CBN shuns Supreme Court, insists on February 10 deadline for new Naira

by OkeomaNews

Central Bank of Nigeria has insisted that it won’t extended the February 10, 2023, deadline for old Naira notes.

The CBN governor, Godwin Emefiele, who spoke on Tuesday when he visited ministry of Foreign Affairs in Abuja, said that the deadline date won’t be shifted.

Emefiele’s comments came after the supreme court had ordered that the deadline be extended until February 15 when it will hear a suit brought by the governors of Kaduna, Kogi and Zamfara states.

Emefiele 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 12.”

A seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the Central Bank of Nigeria and commercial banks from implementing the Friday terminal date for the old naira notes.

However, the CBN governor insisted that there was no need to shift the deadline.

He also said that Point of Sale agents who charge above N200 for cash swap will be arrested and jailed when caught.

The CBN governor further said that 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.

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