Banking, Economy & MoneyHeadlines

Naira Redesign: IMF Urges FG, CBN To Extend Feb. 10 Deadline 

The International Monetary Fund, IMF, on Wednesday urged the Federal Government and the Central Bank of Nigeria, CBN, to extend the February 10 deadline set for the cessation of old 200, 500 and 1000 notes to be legal tenders in the country. 

The IMF gave the advice on Wednesday in a statement signed by Labara Bonet on behalf of the IMF Resident Representative, Ari Aisen.

The statement read in full, “The IMF would like to share the following statement to the attention of the press and the public. 

“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. 

Thank you for your kind attention.”

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