Recognizing The Pain Of Nigerians, CBN Engages In Relief Efforts – Emefiele

Central Bank of Nigeria Governor Godwin Emefiele said the apex banks are aware of the difficulties Nigerians are facing in accessing the new naira notes and are working to close the gaps they see in the distribution process.

Emefiele said this at a special briefing underway at his office in Lagos, CBN.

As part of new measures to speed up the circulation of the new naira notes, Apex Bank will expand cash swaps to microfinance banks and hire 30,000 backcountry super agents, according to the CBN governor.

He explained that CBN is in talks with banks about making alternative channels easily available.

Emefiele also said CBN is not considering extending the deadline for replacing old Naira notes with newly designed notes.

Earlier on Friday, President Muhammadu Buhari asked Nigerians to give him seven days to resolve the cash crunch following the CBN redesigning of the naira notes.

He said this while speaking to the Progressive Governors’ Forum (PGF) who visited him at the Presidential Villa in Abuja to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.

President Buhari told the All Progressives Congress (APC) governors that the currency re-design will give a boost to the economy and provide long-term benefits.

He also expressed doubts about the commitment of banks in particular to the success of the policy.