The International Monetary Fund (IMF), has advised the Central Bank of Nigeria (CBN), against sticking to the deadline on the new naira swap.
The IMF said in view of the economic crisis generated by the deadline given for old notes to be exchanged for new ones, the country must consider extending the validity of the old notes because of the disruptions to commerce.
The CBN policy has generated widespread criticism and I some places, violent protests.
Recall that CBN had extended the naira swap Friday February 10 to covert their old N1,000, N500 and N200 notes to new ones.
The Central Bank Governor, Godwin Emefiele, had insisted there was no going back on the deadline.
There have been protests in Abeokuta, Ibadan Benin, and other parts of the country over the matter.
But the IMF in a statement on Wednesday said the country needs to review its stand by extending the deadline. Ari Aisen, IMF Resident Representative in Nigeria, said: “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.”
