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Akinwande Soji-Ojo
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the February 10 deadline for the withdrawal of old naira notes from circulation stands.
Emefiele made the disclosure while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on Tuesday.
“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 said.
The clarification is coming on the heels of confusion over the Supreme Court order which extended the deadline to February 15, pending the hearing of the suit brought by some states.
Nigerians were thrown into confusion as commercial banks refused to accept the old naira notes at their branches on Monday.
“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.
Emefiele said the apex bank acknowledges the suffering of Nigerians, noting that effective implementation of the policy could scrap 4 per cent of the inflation numbers.
He further explained that the optimal volume of cash in circulation should be around N700 billion.
“Even if we say N1 trillion should be in circulation, we cannot refloat N3.7 trillion into circulation,” Emefiele added.