The Central Bank of Nigeria (CBN) has said it stands by the February 10 deadline for the old Naira notes to cease to exist as legal tenders.
The CBN said despite the Supreme Court ruling that restrained it from implementing the currency swap policy, the old N1000, N500 and N200 notes have lost their legal status.
CBN Governor, Godwin Emefiele, made the statement during a visit on Tuesday to the Federal Ministry of Foreign Affairs in Abuja to discuss the monetary and currency redesign policy of the bank.
“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,” Mr. Emefiele said.
The CBN boss also said that Point-of-Sale (POS) agents, who charge above N200 for cash swaps will be arrested and jailed when caught.
The CBN had set February 10, 2023 deadline for the old N1000, N500 and N200 notes to stop being legal tender in Nigeria.
Mr. Emefiele told the diplomatic community that there was no need to shift the deadline.
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 to customers.
…..Details later
