New Naira: There’ll Be No Further Extension Of Deadline – Emefiele - Nigelzient



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Saturday, February 04, 2023

New Naira: There’ll Be No Further Extension Of Deadline – Emefiele

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has ruled out another extension of the deadline for the naira swap in the country.

The CBN had last Sunday extended the deadline for the swap from January 31 till February 10 after pressure from Nigerians.

Emefiele, while addressing addressed journalists in Lagos on Friday, said the CBN and the Deposit Money Banks (DMBs) were working to address the current challenges with the circulation of the new notes.

He said:

“I want to say unfortunately again, this time, we will not be looking at an extension of the deadline because we at the central bank and the deposit money banks are doing everything to address the challenges.”

Emefiele’s submission came a few hours after President Muhammadu Buhari pleaded for seven days from Nigerians to resolve the problem.

Buhari, who stated this after a meeting with the All Progressives Congress (APC) governors in Abuja, said the currency redesign would boost the economy and provide long-term benefits to Nigerians.

He also expressed doubts about the commitment of banks in particular to the success of the policy.

“Some banks are inefficient and only concerned about themselves. Even if a year is added, problems associated with selfishness and greed won’t go away,” the President stated.

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