Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

Emefiele Speaks on February 10 Deadline, PoS Charges, Insists Old Naira Notes No Longer Legal Tender

  • The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has insisted on the February 10 deadline
  • He said that there is no need to extend the deadline as the banks have started paying new notes over the counter
  • He said PoS operators should come to the CBN to redeem the loss they incur instead of charging customers high rates

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said there is no going back on the February 10 deadline for the cessation in the use of old naira notes as legal tender.

He stated this during a visit to the Minister of Foreign Affairs to discuss the CBN’s monetary and currency redesign policy.

Emefiele, CBN, old naira notes
Central Bank of Nigeria Governor, Godwin Emefiele
Source: Getty Images

PoS operators to get compensation

Emefiele said:

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Traders, Transporters, Others Defy CBN, Continue to Accept Old Naira Notes

“The situation is substantially calming since the commencement of over-the-counter payments to complement ATM disbursements and super-agent use.
“There is, therefore, no need to consider any shift from the deadline of February 10.”

According to the governor of the apex bank, PoS operators can go to the branches of the CBN to get compensation for the extra cost incurred while getting the new naira notes, instead of charging higher fees to customers, a Punch report says

Recall that the Supreme Court told the CBN to put a hold on the February 10, 2023, deadline for using old naira notes.

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.”

He said the CBN acknowledges the suffering of Nigerians, adding that effective policy implementation could scrap 4% of the inflation numbers.

Emefiele stated that the volume of cash in circulation should be about N700 billion.

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“Old naira notes no longer legal tender in Nigeria,” CBN declares, tells citizens what to do

“Even if we say N1 trillion should be in circulation, we cannot re-float N3.7 trillion into circulation,” the CBN governor said.

Traders, transporters, others defy CBN, continue to accept old Naira notes

Legit.ng reported that Nigerians are calling the bluff of the Central Bank of Nigeria (CBN) and have continued to trade and accept old naira notes.

Traders and transporters in Lagos were still accepting the old N200, N500, and N1,000 notes as of Monday, February 13, 2023, three days after the expiration of the CBN deadline.

Several Nigerians have expressed worry over the problem surrounding the deadline for the old naira notes following a Supreme Court order restraining the Nigerian government from stopping the circulation of old naira notes.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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