Why CBN Should Extend Deadline For Old Naira Notes – IMF
Two days to the deadline for the old denominations of 200, 500 and 1000 naira notes, to be phased out as a legal tender, the International Monetary Fund (IMF), has advised the Central Bank of Nigeria (CBN), to extend the February 10, deadline.
A statement released by the IMF on Wednesday advised the CBN to adjust the deadline because of the shortage of the new naira notes which has caused hardship on Nigerians.
The statement signed by Laraba S. Bonnet, Office Manager for Resident Representation for Nigeria, on behalf of Ari Aisen, the Fund’s Resident Representative to Nigeria, read;
“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.”
