The International Monetary Fund (IMF) has waded into the current naira scarcity in Nigeria by calling on the Federal Government and the Central Bank of Nigeria (CBN), to extend the cash swap policy deadline beyond February 10.
The international monetary institution which is the first global body to openly call for an extension of the cash swap policy, made the call shortly after the Supreme Court gave a ruling temporarily restraining the FG and the CBN from enforcing the deadline.
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In a statement in Abuja on Wednesday issued by Laraba Bonet, on behalf of IMF’s Nigerian resident representative, Ari Aisen, the IMF said it hinged its plea on the hardship Nigerians were going through.
“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,” part of the statement said.