Emefiele dares supreme court, says February 10 old naira note deadline sacrosanct

Our reporter| There is no going back on the February 10, 2023 deadline for the swapping of the old N1,000, N500, and N200 notes, The Central Bank of Nigeria (CBN), said on Tuesday.

The supreme court last week restrained the apex bank from implementing the February 10, deadline for swapping of old naira notes.

But in a meeting with members of the diplomatic corps in Abuja, the apex bank boss maintained that the date remains sacrosanct.

He acknowledged the inconveniences caused by the naira redesign policy including hoarding and an elevated agitation but called on Nigerians, especially those in authority, not to exaggerate it so as not to create panic.

While noting that the transition to embracing the new naira notes may be challenging, the CBN boss reiterated that the benefits are enormous and will lead to a cashless policy.

The CBN boss also vowed to prosecute point-of-sales (PoS) operators who collect exorbitant charges for transactions.

Reiterating the benefits of the naira redesign, he argued that it has helped in reducing inflation and is leading to a moderation in exchange rates.

He also told the members of the corps how the nation’s economy is faring but shared concerns about increasing inflation which he attributed to insecurity, elections spending, and the effect of the global market on the economy.

According to him, the nation’s growth rate is at 3.6 percent for 2023, noting that the economy will experience what he called subdued growth owing to the scarcity of petroleum products, increased spending which is being curtailed, and increasing debt levels.