Extend Naira Deadline...IMF Tells CBN


The International Monetary Fund (IMF) has asked the Central Bank of Nigeria to consider extending the February 10 deadline for the swapping of old naira notes.

The Fund in a statement on Wednesday cited disruptions in trade and payments resulting from the exercise.

“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,” Ari Aisen , the Fund’s Resident Representative to Nigeria, said in statement on Wednesday.

The statement was signed on his behalf by Laraba S. Bonnet, Office Manager for Resident Representation for Nigeria.

The statement came as the Supreme Court on Wednesday restrained the CBN from going ahead with the February 10 deadline. The Court gave the order in a ruling on a case brought before it by three State governments.

CBN had originally fixed the deadline for January 31 but had to extend it in response to pressures from Nigerians.


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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