The Central Bank of Nigeria’s 10-day extension for the return of old naira notes has prompted a response from the Center for the Promotion of Private Enterprises, or CPPE.
The extension is insufficient, according to Dr. Yusuf Muda, director of CPPE, who spoke to the Daily Post on Sunday.
On Sunday, President Muhammadu Buhari stated that the deadline to phase out obsolete naira notes would be extended from January 31 to February 10.
The CBN governor, Godwin Emefiele, made the revelation to journalists on Sunday in Daura, Katsina State, according to a statement by Femi Adesina, Special Adviser to Buhari on Media and Publicity.
Reacting to the development, Muda said the extension duration is inadequate to cover the shortcomings of the CBN.
“Just got [the] news that the deadline for the currency swap has been extended by 10 days. The CPPE believes that 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process,” he stated.
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