IMF Asks CBN To Extend February 10 Deadline For Naira Swaps

The International Monetary Fund (IMF) has urged the Central Bank of Nigeria (CBN) to extend the February 10 deadline on new, old naira notes swap.

In a statement in Abuja on Wednesday by IMF’s representative, Laraba Bonet, the Washington based bank disclosed that the economic and trade disruptions caused by the naira redesign policy are enough hardship for Nigerians.

She said the call for further extension would make the new naira notes available to the public.

“In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes available to the public, despite 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”, it stated.

CBN had earlier announced a two weeks extension of the deadline for all old naira notes to cease being legal tenders, however, the scarcity of the new notes persisted, leading to protests in various states.

Meanwhile, the Supreme on Wednesday ordered the CBN to suspend its February 10 deadline.

Whatever it is, the masses are suffering this ill-timed policy deadlines…kindly review to accommodate the masses.