Emefiele insists there will be no extension of the February 10 old naira note deadline

The CBN insisted that the deadline is still sacred despite the controversy surrounding it, which led some governors to take the top bank to the Supreme Court.

The old N1,000, N500, and N200 notes must be exchanged by the deadline of February 10, 2023, according to the Central Bank of Nigeria (CBN).

The deadline has been the subject of debate, with some governors taking the central bank to court and the court preventing the bank from carrying it out. Despite this, the CBN insisted that the date is still sacred.

At a meeting with diplomats on Tuesday in Abuja, CBN Governor Godwin Emefiele made this statement.

READ ALSO: Falana criticizes CBN for “failing to obey Supreme Court order” in Naira Crunch.

He acknowledged the drawbacks brought on by the naira redesign policy, such as hoarding and increased agitation, but urged Nigerians, especially those in positions of authority, not to overstate them in order to avoid spreading panic.

The CBN chief reiterated 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.

Speculates About Sanctioning PoS Operators

The head of the CBN also threatened to bring legal action against point-of-sale (PoS) operators who charge excessive fees for transactions.

Emefiele reemphasized the advantages of the naira redesign, claiming that it has aided in lowering inflation and is causing exchange rates to moderate.

He also discussed the state of the country’s economy with the corps members, but he also expressed concerns about rising inflation, which he blamed on unrest, election-related expenditure, and the impact of the global market on the economy.

He estimated the country’s growth rate for 2023 to be 3.6 percent, stating that the economy will develop at a “subdued rate” as a result of a lack of petroleum products, increased expenditure that is being curtailed, and rising debt levels.