CBN rules out another extension of deadline for Naira swap
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday ruled out further extension of the deadline for the naira swap in the country.
The apex bank had last Sunday extended the deadline for the withdrawal of the old naira notes from circulation till February 10 after pressure from Nigerians.
Emefiele, who addressed journalists in Lagos, said the CBN and the deposit money banks (DMBs) were working to address the current challenges with the circulation of the new notes.
He said: “I want to say unfortunately again, this time, we will not be looking at an extension of the deadline because we at the central bank and the deposit money banks are doing everything to address the challenges.”
READ ALSO: Governor Bello criticizes CBN cashless policy, naira redesign
The CBN governor’s submission came a few hours after President Muhammadu Buhari pleaded for seven days from Nigerians to resolve the problem.
Buhari, who stated this after a meeting with the All Progressives Congress (APC) governors in Abuja, said the currency redesign would boost the economy and provide long-term benefits to Nigerians.
He also expressed doubts about the commitment of banks in particular to the success of the policy.
“Some banks are inefficient and only concerned about themselves. Even if a year is added, problems associated with selfishness and greed won’t go away,” the president stated
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.