CBN rubbishes Supreme Court


The Central Bank of Nigeria (CBN) has rubbished the Supreme Court ruling on the naira swap as the CBN Governor Godwin Emefiele has insisted that there is no going back on the deadline earlier given for the old naira notes to be withdrawn from circulation.

Governor Emefiele  while speaking on Tuesday at the Ministry of Foreign Affairs in Abuja, said the naira scarcity situation is already calming down, hence no need to shift the February 10 deadline as earlier announced.

Recall that a seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the CBN and commercial banks from going ahead with the Friday, February 10 deadline to phase out the use of the old naira notes

In a reckless impunity to the ruling of the apex court , Emefiele said that there is no need to consider any shift in the deadline.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement  ATM disbursements and the use of super-agents.

“Therefore, no need to consider any shift from the deadline of February 10,” Emefiele was quoted to have said.

He also threatened that Point-of-Sale (POS) agents, who charge above N200 for cash swaps will be arrested and jailed if caught in such practices.


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