Emefiele Finally Reveals Position On February 10 Old Naira Note Deadline

Emefiele Finally Reveals Position On February 10 Old Naira Note Deadline

The Central Bank of Nigeria (CBN) has stated that there will be no going back on the February 10, 2023 deadline for exchanging old N1,000, N500, and N200 notes.

While there has been controversy surrounding the deadline, with some governors dragging the apex bank to the Supreme Court and the court preventing the bank from enforcing it, the CBN has maintained that the date is sacred.

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This was stated by CBN Governor Godwin Emefiele on Tuesday during a meeting with members of the diplomatic corps in Abuja.

He acknowledged the inconveniences caused by the naira redesign policy, such as hoarding and increased agitation, but urged Nigerians, particularly those in positions of authority, not to exaggerate the situation in order to avoid panic.

Recognizing that the transition to the new naira notes will be difficult, the CBN governor reiterated that the benefits are enormous and will lead to a cashless policy.

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