Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » IMF urges Nigeria to consider extending banknote swap deadline

    IMF urges Nigeria to consider extending banknote swap deadline

    February 8, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas

    Abuja — The International Monetary Fund said on Wednesday that Nigeria should consider extending a deadline to swap old banknotes because of the disruption to trade and payments being caused by a shortage of new notes.

    Nigerians have to turn in 1,000-, 500- and 200-naira notes by Friday, when they cease to be legal tender.

    The Central Bank of Nigeria, CBN, has started releasing newly designed notes, but many Nigerians say they are not yet available in banks, sparking acute cash shortages and chaotic scenes at banks.

    Ari Aisen, IMF resident representative in Nigeria, said in a statement: “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.”

    The CBN has said recalling the banknotes is part of plans to reduce the use of cash and curb double-digit inflation. About 1.3 trillion naira ($2.8 billion) in old notes has been deposited into the bank since the announcement in October, according to the bank.

    Some politicians have queried the CBN’s timing for the swap, ahead of elections this month, where campaigns are funded mostly by cash.

    Some ruling party officials have publicly accused the CBN of a plot to turn voters against its presidential candidate in the Feb. 25 election, in which President Muhammadu Buhari is not running as he will have already served two terms.

    Opposition presidential candidate Atiku Abubakar has said extending the deadline would help by “reducing the financial consequences for citizens”.

    Three states on Monday asked the country’s highest court to stop the federal government and central bank from ending the use of old naira notes this week, saying this was causing hardship ahead of the election.

    ($1 = 459.92 naira)

    *Camillus Eboh, Chijioke Ohuocha, editing: Alexander Winning & Sharon Singleton – Reuters

    Follow us on twitter

    Related News

    Kenya central bank lowers 2026 growth forecast to 5.4%

    FG to train 100,000 youths annually in forex trading

    Cross River targets revenue, investment boost with nine new laws

    E-book
    Resilience Exhibition

    Latest News

    Oil prices climb to 2-month high on US-China trade deal, worries about Iran supply

    June 11, 2025

    Kenya central bank lowers 2026 growth forecast to 5.4%

    June 11, 2025

    Nigeria partners Brazil to develop methanol complex 

    June 11, 2025

    FG to train 100,000 youths annually in forex trading

    June 11, 2025

    China, Africa ask US to return to ‘right track’ on trade differences

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.