No extension on naira swap deadline, Emefiele warns Nigerians

The Central Bank of Nigeria (CBN) has said it is not considering deadline extension for the phasing out of the old Naira notes.

Nigerians, including governors elected on the platform of the All Progressives Congress (APC), have asked the apex bank for an extension owing to the scarcity of the redesigned Naira notes.

However, the governor of CBN, Godwin Emefiele, said the bank is not considering an extension of the deadline after the 10-day grace recently approved by President Muhammadu Buhari.

Emefiele, who disclosed this at a briefing in Lagos, appealed to Nigerians to exercise patience noting that the gains of the policy outweigh the initial challenges.

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“I want to say unfortunately again, this time, we will not be looking at extension of deadline because we are the central bank and the deposit money banks are doing everything to address the challenges,” he said.

He also said the redesigned naira policy was not targeted at anyone, reemphasising that the policy is aimed at economic benefits.