The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to consider extending its deadline for the swapping of the old naira notes for the new ones “should problems persist in the next few days leading up to the February 10 deadline”. In a statement yesterday by its Resident Representative to Nigeria Ari Aisen, theFund cited the disruptions in trade and payments resulting from the naira swapping.
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The body said: “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 Fund’s advice coincided with the Supreme Court’s judgment stopping the CBN fromenforcingFriday’sdeadline for the old banknotes to cease to be legal tender.
