CBN: Emefiele Speaks On Extending Deadline For Phasing Out New Naira Notes
The Central Bank of Nigeria (CBN) says it will not extend the deadline for the phasing out of the old Naira notes.
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| Godwin Emefiele |
Nigerians, including governors elected on the platform of the All Progressives Congress (APC), have urged the apex bank to extend the deadline owing to the cash crunch occasioned by 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 made this known at a briefing in Lagos.
He appealed to Nigerians to exercise patience, noting that the gains of the policy outweigh the initial pains.
He made this known during a special briefing at the CBN office in Lagos, saying that the CBN and other stakeholders are already looking addressing 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.
He also said the redesigned naira policy was not targeted at anyone, reemphasising that the policy is aimed at economic benefits.
He also appealed to Nigerians not to allow themselves to be used to truncate the policy.
“We are doing our work. We are bankers. Those holding protest should not allow themselves to be used,” he said.
He begged Nigerians to show understanding and accept to join queue at the banks.
According to the CBN governor, the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands as part of new measures to accelerate the circulation of new naira notes.
He stated that the CBN is discussing with banks to make alternative channels easily accessible.
President Muhammadu Buhari had on Friday asked Nigerians to give him seven days to take a major decision on the naira redesign policy.
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