The governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday said that the 10 February deadline stipulated for the phasing out of the old N200, N500, and N1000 notes stands.

The CBN governor spoke during a visit to the Ministry of Foreign Affairs.

Mr Emefiele insisted that the bank’s position remains unchanged despite a Supreme Court order restraining the apex bank from phasing out the new notes as planned.

On 8 February, following the difficulties faced by Nigerians in accessing the redesigned notes, the Supreme Court gave an order restraining the CBN from enforcing the deadline for the phasing out of the N200, N500, and N1,000 notes, pending the hearing of a lawsuit brought by three northern states challenging the new currency redesign.

The order came as a relief for many Nigerians as parts of the country had been thrown into chaos while frustrated Nigerians besieged ATM points in a bid to access their money.

However, the CBN refused to act on or comment on the court order as the new development generated controversies among Nigerians.

On Monday, some businesses and shopping outlets rejected the old notes even though many Nigerians could not access the new notes.

But on Tuesday, Mr Emefiele announced that the apex would not revisit its old directive on the 10 February 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,” he was quoted to have said.

“There is, therefore, no need to consider any shift from the deadline of February 10.”

Responding to reports that Point of Sale (PoS) agents have been charging exorbitant amount since the policy took effect, he said those who charge above N200 for the CBN cash swap programme would be arrested and jailed when caught.

Mr Emefiele also accused some politicians of hoarding the new notes.

“Some of our leaders are buying the new notes and storing them for whatever purposes. I will not be direct here,” he said.