Extend Cash Swap Deadline - IMF Tells CBN

Forum 1 year ago

Extend Cash Swap Deadline - IMF Tells CBN

Nigeria's Central Bank has been appealed to extend its 10th February naira swap deadline.

The appeal was made by the International Monetary Fund (IMF).

The International monetary body made the call few minutes after the Supreme Court restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline.

The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, hinged its plea on the hardship Nigerians were going through.

It said: “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 IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.

Details Shortly…