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The Central Bank of Nigeria Governor, Godwin Emefiele, has maintained his stance that the February 12th deadline for transitioning to the new naira currency will not be shifted.
This comes after the Supreme Court had previously ordered a restraining of such an implementation.
On Tuesday, Emefiele visited the Ministry of Foreign Affairs in order to discuss the CBN’s monetary and currency redesign policy.
He argued that conditions have improved significantly since the inception of cash exchanges over-the-counter and with super-agents; hence no need for a shift in the deadline.
Additionally, he warned that any Point-Of-Sale agents who charged above N200 (Two Hundred Nigerian Naira) for a cash swap would be arrested and jailed upon discovery.
Instead, Emefiele encourages merchants to visit the CBN directly so they can be compensated properly for any extra costs they may incur when getting new notes.
This article was updated 7 months ago
