The governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele during a media briefing Lagos, stressed that there will not be further extension in the deadline for depositing old series of N200, N500, and N1,000 banknotes, while pleading with Nigerians to remain calm and patient.

 Emefiele assured the country that the Apex bank is working to address the challenges of cash distribution and asked for understanding in execution of the policy: “We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance.”

He warned that those who abuse or sell the Naira, in contravention of the CBN Act, will be prosecuted and further declared that the redesigned Naira notes is not targeted at any specific persons: “the Naira redesign project is not targeted at anyone but for the sake of Nigerians and the Nigerian economy,”

The CBN governor disclosed that there is an adequate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10 and N5 denominations) available to support economic activities, stating that the CBN is committed to ensuring a seamless, inclusive and equitable implementation of the redesign exercise for the overall benefit of the people, financial system and Nigerian economy as a whole.

 In his words: “The advantages of the currency redesign are overwhelmingly enormous and will benefit the economy in the long run.

“We will take all the necessary steps to ensure that there will be a smooth flow of cash swaps and minimize the inconvenience in the short term”