New Naira: IMF Advises CBN To Extend Deadline

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria, CBN to extend the deadline for the swap of the old Naira notes.

The CBN had set Friday, 10 February deadline for the exchange of the old Naira notes for the new ones. However, those with the new notes can still deposit them at the bank after the deadline, though they can’t use them for transactions.

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But the IMF Resident Representative to Nigeria, Ari Aisen in a statement issued on his behalf by Laraba S. Bonnet, Office Manager for Resident Representation for Nigeria on Wednesday morning advised the CBN to consider extending the deadline, especially if the current difficulties being experienced by the people in getting the new currency persists.

The global financial body advised that in light of the hardship being faced due to shortage of new banknotes, it is imperative for the CBN should extend the February 10 deadline.

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“In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline, should problems persist in the next few days leading up to the February 10, 2023 deadline.”

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