IMF asks CBN to Extend naira Deadline

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 […]

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.

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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.