The International Monetary Fund (IMF) has advised the
Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of
old naira notes if the difficulties in getting new notes persist.
Ari Aisen, IMF’s resident representative for Nigeria, gave
the advice in a statement on Wednesday.
The deadline for the validity of old naira notes was
initially January 31, but it was later extended by 10 days, with February 10 as
the new date.
Despite the extension, the new notes are scarce and
Nigerians are also finding it hard to get the old ones.
These challenges have led to protests and demonstrations in
some parts of the country.
“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 statement reads.
Meanwhile, the supreme court, on Wednesday, temporarily
restrained the federal government from banning the use of the old naira notes
from February 10.
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CBN should not consider us , as far as supreme court had done that for u
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