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CBN Insists on Enforcing Feb 10 Deadline on Old Notes

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The Central Bank of Nigeria (CBN) is insisting on sticking to the February 10, 2023 deadline for the swapping of old Naira notes.

Speaking during a meeting with members of the diplomatic corps on Tuesday, CBN Governor Godwin Emefiele, noted that “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 added.

The Governor, however, acknowledged that the naira redesign policy had caused inconvenience and an increase in agitation, but advised Nigerians, especially those in authority, not to exaggerate the issue.

In his view, the transition to adopting the new Naira notes may be challenging, but the benefits are immense and will lead to a cashless society.

Recall that a seven-man panel of the Supreme Court earlier restrained the Federal Government, the CBN, and commercial banks from implementing the February 10 deadline for the old Naira notes.


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