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JUST IN: Old naira: IMF asks FG, CBN to extend February 10 deadline

The International Monetary Fund (IMF) has called for the extension of the February 10 deadline to phase out the old naira notes.

The International monetary body made the call just after the Supreme Court had restrained the Federal Government and Central Bank of Nigeria(CBN) from enforcing the deadline.

The IMF, in a statement in Abuja on Wednesday by Laraba Bonet, said the plea was on the hardship Nigerians were exposed to over the issue.

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It said: “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”.

The IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.

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