CBN Governor Godwin Emefiele announced that law‑enforcement agencies have arrested several hawkers dealing in the new naira notes. Speaking at a press briefing in Lagos on Friday, he reaffirmed the central bank’s decision to maintain the deadline for phasing out the old notes.
Emefiele expressed disappointment over what he described as “unscrupulous and unpatriotic” conduct by some individuals in the banking industry, whose greed he said was undermining the CBN’s efforts. He assured the public that agencies such as the EFCC, ICPC and DSS are actively pursuing these individuals and their collaborators, and that those arrested will face the full force of the law. He also emphasized that the CBN has the capacity, manpower, equipment, and determination to produce and circulate the new notes, and is working to minimise inconvenience, especially for vulnerable Nigerians.
Since the programme began, the CBN has collected about N2.1 trillion, leaving roughly N900 billion still to be exchanged. He recalled that on 26 October 2022 the bank received presidential approval from Major General Muhammadu Buhari (retd.) to redesign the N200, N500 and N1,000 notes. The redesigned notes were to circulate alongside the old ones until 31 January 2023, after which the old notes would lose legal tender status. To improve circulation of the new notes, the President extended the deadline by ten days, to 10 February 2023.
Emefiele assured that the CBN is collaborating with deposit‑money banks and key stakeholders—including the Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission and the Nigerian Financial Intelligence Unit—to achieve the goal of delivering a new currency that meets global standards. He acknowledged the difficulties Nigerians are experiencing in accessing the new notes during the initial rollout, urging patience as the bank works to address implementation lapses. “This difficulty is transient,” he said, adding that the long‑term benefits of the policy far outweigh the short‑run pains.
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