IMF urges FG, CBN to extend deadline on implementation of new Naira policy
The International Monetary Fund (IMF) has urged the Federal Government and the Central Bank of Nigeria (CBN) to further extend the February 10 deadline for withdrawal of old naira notes, citing hardships caused by shortage of the new bank notes available to the public.
In a statement on Wednesday, the Resident Representative of the global lender, noted the hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process.
The statement, 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.
The statement reads: “In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes 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 CBN had initially set January 31, 2023 as the deadline for the naira swap programme 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 about two days to the end of the deadline for withdrawal of the old notes as legal tender, necessitating calls for further extension of the deadline.
