On Wednesday, the International Monetary Fund said that Nigeria should consider extending the deadline to swap old banknotes because of the uproar to trade and payments caused by a lack of new notes.
Nigerians must turn in 1,000, 500 and 200 naira notes by Friday when they quit being legal tender.
The Central Bank of Nigeria (CBN) has started releasing newly designed notes. Still, many Nigerians say they are not yet available in banks, sparking acute cash deficiencies and a disorderly bank scene.
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Consider extending deadline
Ari Aisen, the IMF resident representative in Nigeria, said in a statement: “Despite measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF prompts the CBN to consider extending the deadline, should problems persist in the next few days.”
The CBN has said recalling the banknotes is part of plans to reduce the use of cash and curb double-digit inflation. According to the bank, about 1.3 trillion nairas ($2.8 billion) in old notes have been deposited since October’s announcement.
Consider Extending Banknote Interchange Deadline: IMF
In a Related News:
The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the old 200, 500 and 1000 naira notes to stop being legal tenders.
Three northern states — Kaduna, Kogi and Zamfara — had, in a motion ex-parte filed on February 3, by their lawyer, Abdul Hakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.
