Currency Swap: CBN Governor insists February 10 deadline sacrosanct

The Central Bank of Nigeria Governor, Godwin Emiefiele, has said the 10th February deadline to phase out the old N1,000, N500, and N200 notes remains sacrosanct.

Emefiele made this statement on Tuesday during a meeting with members of the diplomatic corps in Abuja.

This statement is coming following a court order restraining the CBN from implementing the deadline, among other controversies involving joint lawsuits filed by some governors against the apex bank at the Supreme Court.

Emiefele acknowledged the inconveniences caused by the naira redesign policy, including hoarding and elevated agitation.

However, he urged Nigerians—particularly those in positions of authority—not to overstate it to avoid spreading fear.

The CBN boss maintained that the benefits are significant and will eventually lead to a cashless policy while acknowledging that the transition to using the new naira notes may be difficult.

Earlier in the day, the Central Bank of Nigeria (CBN), Yenagoa branch said that going forward, it would commence actions against operators of point of sales outlets(POS), banks and other service providers who refused to render services in consonance with its financial rules and regulations governing the cashless economic policies.

This was disclosed during a media briefing held at the instance of the Director, Governor’s department of the CBN, Mr Joseph Omayokun, at the Yenagoa branch office of the bank on Monday.

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