BREAKING: Nigeria Should Consider Extending Banknote Swap Deadline – IMF

BREAKING: Nigeria Should Consider Extending Banknote Swap Deadline – IMF

The International Monetary Fund (IMF) said on Wednesday that Nigeria should consider extending a deadline for exchanging old banknotes in light of trade and payment disruptions caused by a shortage of new notes.

Nigerians must return 1,000, 500, and 200 naira notes by Friday, when they will no longer be legal tender.

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The central bank has begun issuing newly designed notes, but many Nigerians say they are not yet available in banks, resulting in severe cash shortages and chaotic scenes at banks.

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The IMF said in a statement: “In spite of measures introduced by the CBN (Central Bank of Nigeria) 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.”

Source: Reuters

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