CBN rules out another extension of deadline for Naira swap

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.”

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


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