The International Monetary Fund has advised the CBN to consider extending the deadline to swap the old banknotes.
Mr. Ari Aisen, IMF resident representative in Nigeria, told reporters in an interview on Wednesday February 8, 2023.
The Central Bank of Nigeria (CBN) has started releasing newly designed notes, but many Nigerians say they are not yet available in banks, sparking acute cash shortages and chaotic scenes at banks. Even with the current situation, Nigerians have less than two days to swap their old notes.
The International Monetary Fund advised Nigeria to consider extending the deadline to swap old banknotes because of the disruption to trade and payments caused by a shortage of new notes.
The Central Bank of Nigeria (CBN) has started releasing newly designed notes, but many Nigerians say they are not yet available in banks, sparking acute cash shortages and chaotic scenes at banks.
Ari Aisen, IMF resident representative in Nigeria, said in his statement: “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.”
RateCaptain believes that while there is no single solution that can solve all of Nigeria’s current issues at once, extending the swap period for old banknotes could prove beneficial in providing some immediate relief from certain problems.
