Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), 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.
Naira scarcity; hardship
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.
President Buhari appealed for 7 days to decide on the hardship Nigerians are facing due to the scarcity of new naira notes.
