The Governor, Central Bank of Nigeria, Godwin Emefiele, has said law enforcement agencies have made arrests of new naira note hawkers.
He recalled that on 26 October 2022, the CBN received the approval of President Major General Muhammadu Buhari , to redesign the N200, N500, and N1,000 Nigerian banknotes.
He added, “By the approval, the redesigned banknotes will circulate concurrently with the old notes, up to 31 January 2023 after which date the old notes loses their legal tender status. However, given the need to improve the level of circulation of the new notes, the President magnanimously extended the deadline by another 10 days to 10 February 2023 for old notes to circulate as legal tender.”
He assured that the CBN, working with the Deposit Money Banks and other important stakeholders such as the Economic and Financial Crimes Commission, the Independent and Corrupt Practices Commission and the Nigerian Financial Intelligence Unit were working together to ensure that the ultimate goal, which was to deliver to all Nigerians, a new currency that meets global standards was achieved.
Emefiele said the CBN was aware of the difficulty being faced by Nigerians in accessing the new currency at this initial stages of its issue and circulation but wished to plead with all to show some understanding as everything was being done to correct some of the observed lapses in the implementation of this ambitious programme.
“Please, also permit me to say that this difficulty is transient given our strong belief that the ultimate gain of the policy to our country far outways the short run pains of today,” he said.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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