The Central Bank of Nigeria (CBN) has rejected calls for an extension of the February 10th deadline for phasing out the old Naira notes.
Godwin Emefiele, the Governor of CBN, made this known at a briefing in Lagos, where he appealed to Nigerians to be patient and understand that the benefits of the policy outweigh the initial challenges.
He noted that the apex bank is not considering an extension of the deadline, which was recently approved by President Muhammadu Buhari for a 10-day grace period.
“Unfortunately, this time we will not be looking at extending the deadline because we are the central bank and the deposit money banks are doing everything to address the challenges,” Emefiele said.
He also emphasized that the redesigned Naira policy was not targeted at any individual or group, but rather aimed at economic benefits for the country.
Emefiele appealed to Nigerians not to allow themselves to be used to truncate the policy, saying “We are doing our work. We are bankers. Those holding protests should not allow themselves to be used.”
This announcement follows pleas from Nigerian governors elected on the platform of the All Progressives Congress (APC) for an extension due to the scarcity of the redesigned Naira notes.
