IMF Supports Supreme Court Judgement on Naira Swap Deadline, Urges Apex Bank to Follow Suit
IMF urges CBN to extend February 10 deadline on naira swap
The International Monetary Fund has asked the Central Bank of Nigeria to push back the deadline for exchanging old naira notes for new ones from February 10 to a later date.
In a statement made in Abuja on Wednesday by the IMF’s representative, Laraba Bonet, the Washington-based bank said that the naira redesign policy has caused enough trouble for Nigerians in terms of the economy and trade.
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She said that the new naira notes would be available to the public if the request for more time was granted.
“Because of the problems caused by the lack of new banknotes available to the public, even though the Central Bank of Nigeria (CBN) has taken steps to ease the problems in the banknote swap process.
The IMF wants the CBN to think about extending the deadline if problems still exist in the last few days before the deadline on February 10, 2023.
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CBN had earlier said that the deadline for all old naira notes to stop being legal tender would be extended by two weeks which brought the date to February 10.
However, there was still a shortage of the new notes, which led to protests in many states.
On Wednesday, the Supreme Court told the CBN to stop working toward its February 10 deadline.
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