Nigeria: Naira Scarcity - IMF Advises CBN to Extend Deadline

Weblingdevs / Wikimedia Commons (CC BY-SA 4.0)
Naira notes (file photo).
9 February 2023
Vanguard (Lagos)

The IMF has urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new notes.

The IMF, in a statement yesterday, urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new notes and especially, if the scarcity of the notes persists at the expiration of the February 10 deadline.

It said: "In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes 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."

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