BREAKING – CBN gives Update on Exchange of old Notes with New ones

Godwin Emefiele, Governor of the Central Bank, insisted on Friday that the apex bank will not extend the deadline for exchanging old naira notes for newly redesigned ones.

During a special briefing at the CBN office in Lagos, he stated that the CBN and other stakeholders are already looking into areas where there are pressures.

“I would say no. I am sure that people are going to say only last week I said no, but I want to say unfortunately again, this time we will not be looking at extension of deadline because we as the central bank, deposit money banks and other important stakeholders, we are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure.

“We have had cases where some bank branches have some cash in their vaults and because there was no demand for them and we asked central bank officials when reported to move those monies away and move them to areas where there is pressure. So those are some of the logistical challenges that we faced and we are doing everything possible to address them. So I am not going to make any promise to anyone that there would be any further extension of this deadline,” Emefiele said.

CBN Aware Of Nigerians’ Pains

Emefiele also stated that the apex bank is aware of the difficulties Nigerians are having in accessing the new naira notes.

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

He stated that the CBN is in talks with banks about making alternative channels more accessible.

Earlier on Friday, President Muhammadu Buhari asked Nigerians to give him seven days to resolve the cash crisis caused by the Central Bank of Nigeria’s redesigning of naira notes.

He said this while speaking to the Progressive Governors’ Forum (PGF), which paid him a visit at the Presidential Villa in Abuja to seek solutions to the cash crunch, which they said was jeopardizing the administration’s record of economic transformation.

President Buhari told the governors of the All Progressives Congress (APC) that the currency redesign will boost the economy and provide long-term benefits.

He also questioned the commitment of banks, in particular, to the policy’s success.

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