BREAKING: Like Supreme Court, IMF asks CBN to extend Naira swap deadline
The International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) to extend February 10 deadline for cash swap in view of the pain the policy has brought to Nigerians.
The International monetary body made the call few minutes after the Supreme Court restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline.
The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, hinged its plea on the hardship Nigerians were going through.
It said: “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”.
The IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.
