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The Central Bank of Nigeria, CBN, has insisted that the deadline for the use of old naira notes will not be extended.
The CBN governor, Godwin Emefiele, while speaking during a briefing on Friday at the apex bank’s Lagos office, said the CBN, and deposit money banks, DMBs, were making effort to resolve the current challenges with the circulation of the new currency notes.
The apex bank recently extended the deadline for the use of the old naira notes from January 31 to February 10.
However, while hoping for another extension, many Nigerians have continued to critise the currency redesign policy on grounds that it is subjecting many Nigerians to hardship due to the scarcity of the new notes.
Reacting to the development, Emefiele said after the 10-day extension, the bank does not plan to extend the deadline.
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He said, “I want to say unfortunately again, this time, we will not be looking at an extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges.”
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.
He added, “We are doing our work. We are bankers. Those holding protest should not allow themselves to be used.”
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.