Emefiele Speaks on February 10 Deadline, PoS Charges

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.

PoS operators to get compensation

Emefiele said:

“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.

Read Also: Naira New Policy May Cause $18m GDP Loss Monthly, says Rewane

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.

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