The Central Bank of Nigeria was advised by the International Monetary Fund on Wednesday to postpone the deadline of February 10 for replacing old naira notes with the new ones.
The IMF provided the advice in response to the difficulties Nigerians encountered nationwide during the banknote swap process.
The IMF said in a statement, “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.”
More details shortly…