IMF orders CBN to extend naira deadline

The International Monetary Fund (IMF) has ordered the Central Bank of Nigeria, CBN to extend the February 10, 2023 deadline for the swapping of old naira notes.

The IMF made this revelation on Wednesday in a statement.

Ari Aisen, the Fund’s Resident Representative to Nigeria 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.”