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The International Monetary Fund (IMF) has urged Nigerian authorities to further extend the February 10 deadline for the withdrawal of old naira notes, citing hardships caused by the shortage of the new banknotes available to the public.
In a release on Wednesday, the Resident Representative of the global lender Ari Aisen noted the 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 released signed by the Country Office Manager, Laraba Bonet, on behalf of the Resident Representative, urged 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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The statement reads “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,” the US-based global lender advised.
The Central Bank of Nigeria (CBN) had initially set January 31, 2023, as the deadline for the naira swap program but had to extend it to February 10 due to difficulties in accessing the newly redesigned notes.
However, the challenges to accessing the new notes have persisted for about two days to the end of the deadline for withdrawal for the old notes as legal tender, necessitating calls for further extension of the deadline.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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