Naira redesign: CBN insists on enforcing Feb 10 deadline on old notes

The Central Bank of Nigeria (CBN) has insisted that its February 10 deadline for the validity of old naira notes still stands.

Godwin Emefiele, CBN governor, made the disclosure while briefing the diplomatic community at the ministry of foreign affairs in Abuja on Tuesday.

The development comes despite the ex parte order of the supreme court which restrained the federal government from implementing the February 10 deadline, pending the hearing of the matter on February 15.

Abubakar Malami, attorney-general of the federation, said the federal government would obey the supreme court order.

But speaking at the event, Emefiele said he does not believe there was a need for further extension of the deadline.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents,” Emefiele said.

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

He said effective implementation of the naira redesign policy could cut off 4 percent from the current inflation level of 21.34 percent.

The CBN boss also accused some politicians of “buying” the new notes and hoarding them.

“Some of our leaders are buying the new notes and storing them for whatever purposes. I will not be direct here,” he said.

Emefiele further warned that the apex bank, in collaboration with security agencies, would arrest and prosecute point of sale (PoS) operators who collect exorbitant charges for transactions.