Old Naira: “CBN Will Not Extend The Deadline Again” – Emefiele

The Central Bank of Nigeria (CBN), has stated that a deadline extension for the phase-out of the old Naira notes is not being considered.

Due to the shortage of the newly designed Naira notes, Nigerians, including governors elected on the APC platform, have requested an extension from the central bank.

Godwin Emefiele, the governor of the Central Bank of Nigeria, stated that with the recent 10-day grace period that President Muhammadu Buhari allowed, the bank is not planning to extend the deadline.

Emefiele, who made this announcement during a conference in Lagos, urged Nigerians to be patient, stressing that the benefits of the program exceed the early difficulties.

He said, “I want to say unfortunately again, this time, we will not be looking at extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges.”

He added that the new naira strategy was not directed at anyone, reiterating that the policy is focused on achieving economic advantages.

He further urged Nigerians not to allow themselves to be manipulated to truncate the policy.

“We are doing our work. We are bankers. Those holding protest should not allow themselves to be used,” he said.

He pleaded with Nigerians to be understanding and willing to stand in line at the banks.

President Muhammadu Buhari had asked a seven-day time from Nigerians to make a significant decision over the redesign of the naira.

He said this after meeting with the APC governors earlier in the day at Aso Rock.

He said, “I am aware of the cash shortages and hardship being faced by people and businesses, on account of the Naira redesign. I want to assure that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.

“I met with a delegation of Governors today, on the matter. All the complaints about the execution of the currency change are being seriously looked into. I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision.”