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| CBN Governor Godwin Emefiele and Supreme Court of Nigeria |
In defiance of the Supreme Court's ruling, the governor of the Central Bank of Nigeria, Godwin Emefiele, has insisted that the N200, N500, and N1,000 banknotes became illegal tender after the February 10 deadline to exchange them for the so-called redesigned notes expired.
"There is no doubt that some areas are under pressure. The CBN is working hard to shift pressure and resources to those areas in order to reduce tensions," Mr Emefiele stated. "The situation has significantly improved since the implementation of over-the-counter payments to supplement ATM disbursements and the use of super-agents.
"There is, therefore, no need to consider any deviation from the February 10 deadline," the CBN governor added.
Mr Emefiele stated this on Tuesday at the Foreign Affairs Ministry during a meeting with the diplomatic community.
According to reports from across the country, naira scarcity has worsened, and the CBN governor has accused politicians of removing new naira notes from circulation. However, the speaker of the House of Representatives, Femi Gbajabiamila, claimed that the scarcity was intended to harm the chances of the ruling APC presidential candidate, Bola Tinubu, in the election.
"The CBN has also observed that some politicians are purchasing the new notes and storing them for political purposes," Mr Emefiele said to the diplomatic community.
Mr Emefiele stated in the meeting that the CBN conducted "extensive in-house analysis and consultation which suggested the need for a policy to redesign some Nigerian banknotes, emphasising that the move has resulted in inflation trending downwards and exchange rates relatively stable.
"Secondly, we aim to increase financial inclusion in the country by reducing the number of the unbanked population. Third, through this programme, we hope to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria, and we can see that the military is making good progress in this important task," the CBN governor added.
The CBN announced the redesign of the N200, N500, and N1000 banknotes in October.