No Extension On Naira Swap Deadline, Says Emefiele

Posted by Samson Kankan Featured, Latest Headlines, News Across Nigeria Friday, February 3rd, 2023

(AFRICAN EXAMINER) – The Governor of the Central Bank, Godwin Emefiele on Friday insisted that the apex bank will not extend the deadline for swapping old naira notes with the newly redesigned ones.

He made this known during a special briefing at the CBN office in Lagos, saying that the CBN and other stakeholders are already looking at addressing areas where there are pressures.

“I would say no. I am sure that people are going to say only last week I said no, but I want to say unfortunately again, this time we will not be looking at extension of deadline because we as the central bank, deposit money banks and other important stakeholders, we are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure.

“We have had cases where some bank branches have some cash in their vaults and because there was no demand for them and we asked central bank officials when reported to move those monies away and move them to areas where there is pressure. So those are some of the logistical challenges that we faced and we are doing everything possible to address them. So I am not going to make any promise to anyone that there would be any further extension of this deadline,” Emefiele said.

Emefiele also said that the apex bank acknowledged the pains Nigerians are facing in accessing the new naira notes.

According to the CBN governor, the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands as part of new measures to accelerate the circulation of new naira notes.