BREAKING: Feb 10 Deadline For Old Naira Notes Stands – Emefiele

Governor Godwin Emefiele has affirmed that the February 10, 2023 deadline given by the Central Bank of Nigeria, CBN for the circulation of old naira notes was not changed.

The CBN governor made the assertion while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on Tuesday.

GWG.ng reports that his assertion came against the order obtained by the Supreme Court for the extension of the order to February 15, 2023 following an exparte motion sought by three state governments.

The bank was, however, not joined in the suit.

Speaking on Tuesday on the deadline for the old naira notes, Emefiele 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,” he said.

Nigerians were thrown into confusion as commercial banks refused to take the old notes at their branches on Monday.

Speaking further, Emefiele said, “Some of our leaders are buying the new notes and storing them for whatever purpose and I will not expand further on that.”

Emefiele said the apex bank acknowledges the suffering of Nigerians, noting that effective implementation of the policy could scrap 4% of the inflation numbers.

He further explained that the optimal volume of cash in circulation should be around N700billion.

He said: “Even if we say N1trillion should be in circulation, we cannot refloat N3.7trillion into circulation.”

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