TheCable

The Central Bank of Nigeria (CBN) says it is not planning to extend the deadline for the use of old naira notes.

Speaking during a briefing on Friday at the apex bank’s office in Lagos, Godwin Emefiele, CBN governor, said the CBN, as well as deposit money banks (DMBs) were working to address the current challenges with the circulation of the new currency notes.

The CBN had issued a deadline of January 31 for the use of the old naira notes, but it was recently extended to February 10.

However, in hopes for another extension, several stakeholders have continued to criticise the currency redesign policy on grounds that it is subjecting Nigerians to hardship due to the widespread scarcity of the new notes.

Speaking on the issue, Emefiele said after the 10-day grace period, the bank is not considering an extension of the deadline.

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

He urged Nigerians to be patient, noting that the policy’s benefits outweigh its initial downsides.

The CBN governor also said the naira redesign policy is not aimed at anyone in particular, emphasising that it is aimed at economic growth.

“We are doing our work. We are bankers. Those holding protest should not allow themselves to be used,” he added.

Meanwhile, as part of new measures to accelerate the circulation of new naira notes, Emefiele said the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands.

Earlier today, in a meeting with President Muhammadu Buhari, the All Progressives Congress (APC) governors had appealed that both the old and new naira notes be allowed to co-exist to ease the suffering of Nigerians.

Speaking after the meeting, Buhari asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of the redesigned currency notes.