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."

Read the original article on Vanguard.

Tagged:
Copyright © 2023 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.