The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, Tuesday said there was no need to shift the February 10 deadline for the return of old Naira notes following the currency redesign programme.
Consequently, the nation’s deposit money banks (DMBs) have since stopped accepting the old N200, N500 and N1000 notes, following directive from CBN to that effect.
CBN had in October 2022 announced the redesign of N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023 when they would cease to be legal tender. The deadline was shifted to February 10 following difficulties obtaining the new notes.Thereafter, following a suit brought against the federal government by the governments of Zamfara, Kogi and Kaduna States, the Supreme Court ruled that the February 10 deadline should not be observed pending the hearing of the matter.
However, addressing the diplomatic community in Abuja, the CBN governor said he does not believe there was need for further extension of the deadline.
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He 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 10.”
The Supreme Court will hear the case tomorrow, Wednesday.