Despite Supreme Court Order CBN Insists On February 10 Naira Swap Deadline

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said on Tuesday that the the February 10, 2023 Naira swap deadline will not be extended, despite an order of the Supreme Court to the contrary.

He said this during a visit on Tuesday to the Ministry of Foreign Affairs, to discuss the monetary and currency redesign policy of the bank.

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.”

Recall that the Supreme Court had recently restrained the Federal Government from implementing the February 10 deadline for the currency swap.

But the CBN governor insisted that there was no need to shift the deadline.

It need to be stated however that the CBN was not a party to the suit filed by three northern states, which had claimed they were fighting for the suffering masses.

Meanwhile, Emefiele also said that Point of Sale agents who charge above N200 for the CBN cash swap programme will be arrested and jailed when caught.

The CBN governor further said that the PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new notes rather than charging a higher fee on customers.

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