BY EDMOND ODOK – Despite the existing Supreme Court’s ruling, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the February 10, 2023 deadline for having the old naira notes in circulation remains sacrosanct.
Emefiele, who spoke while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on Tuesday, said there is nothing drastic on ground to make the apex Bank reconsider its decision on the existing deadline.
According to him; “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”
The CBN Governor fingered some highly placed individuals for sabotaging efforts at making the Naira swap seamless, saying; “Some of our leaders are buying the new notes and storing them for whatever purpose and I will not expand further on that.”
Emefiele, who admitted that the CBN appreciates the suffering of Nigerians, however said the good new is that effective implementation of the policy could scrap four (4) percent off the current inflation numbers.
He further explained that the optimal volume of cash in circulation should be around N700 billion, adding; “Even if we say one trillion Naira should be in circulation, we cannot refloat N3.7 trillion into circulation.”
On Point-of-Sale (PoS) agents who are charging above N200 for cash swap, Emefiele warned that such operators will be arrested and prosecuted when caught to serve as a deterrent to others.
However, he said the PoS operators can approach the CBN for compensation on any extra cost incurred in getting the new Naira notes rather than charging a higher fee on customers.
The apex Bank’s clarification is coming on the heels of confusion over the Supreme Court order which last week temporarily suspended the Naira swap policy deadline.
In ruling on the ex parte motion filed by Kaduna, Kogi and Zamfara State governments, the nation’s apex Court ordered the suspension of the February 10 deadline pending its hearing on the suit slated for Wednesday, February 15, 2023.
On Monday, February 13, Nigerians were thrown into confusion as commercial banks refused to receive the old notes at their different branches nationwide citing the CBN’s directives.
