The Central Bank of Nigeria (CBN) says there is no going back on the February 10, 2023 deadline for the swapping of the old N1,000, N500, and N200 notes.
While there has been controversy over the deadline with some governors dragging the apex bank to the Supreme Court and the court restraining the bank from implementing the deadline, the CBN maintained that the date remains sacrosanct.
The CBN Governor Godwin Emefiele said this on Tuesday during a meeting with members of the diplomatic corps in Abuja.
He acknowledged the inconveniences caused by the naira redesign policy including hoarding and an elevated agitation but called on Nigerians, especially those in authority, not to exaggerate it so as not to create panic.
Acknowledging that the transition to embracing the new naira notes may be challenging, the CBN boss reiterated that the benefits are enormous and will lead to a cashless policy.