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CBN Governor Affirms no Shift on February 10, 2023, Deadline Amidst Legal Battle




The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that there is no need to shift the February 10, 2023 deadline for the monetary and currency redesign policy of the bank.

This assertion comes after a Supreme Court interim injunction restrained the Federal Government, the Central Bank of Nigeria, and commercial banks from implementing the terminal date for the old naira notes.

Emefiele noted that the situation has been improving since the introduction of over-the-counter payments to complement ATM disbursements and the use of super-agents, News About Nigeria reports.

He further warned Point of Sale agents who charge more than N200 for the CBN cash swap program to desist from such or face arrest and imprisonment. According to him, PoS operators could get compensated for any extra cost incurred in acquiring the new notes by approaching the CBN rather than charging customers a higher fee.

The Central Bank’s monetary and currency redesign policy aims to increase the circulation of the naira, enhance its security features, and drive financial inclusion.

Despite the legal battle, the CBN Governor remains resolute that the February 10 deadline will hold, and the old naira notes will be phased out.

Commenting on the situation in a chat with journalists, CBN Branch Controller in Bauchi, Haladu Idris Andaza, reaffirmed CBN posituon, saying the old notes were no longer legal tender.

“In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there which people have been asking about.”

“So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.

“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.

“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.”

“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”