BREAKING: CBN not considering deadline extension for cash swap but working on closing circulation gap —Emefiele

Emefiele and the new Naira notes

The governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the apex bank acknowledges the pains Nigerians are facing in accessing the new naira notes and are working on closing the gaps observed in the circulation process.

Emefiele stated this in a special briefing at the CBN office in Lagos.

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.

Emefiele also said that the CBN is not considering extending the deadline for swapping the old naira notes with the newly redesigned ones.

Earlier on Friday, President Muhammadu Buhari asked Nigerians to give him seven days to resolve the cash crunch following the CBN redesigning of the naira notes.

He said this while speaking to the Progressive Governors’ Forum (PGF) who visited him at the Presidential Villa in Abuja to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the economy.

President Buhari told the All Progressives Congress (APC) governors that the currency re-design will give a boost to the economy and provide long-term benefits.

He also expressed doubts about the commitment of banks in particular to the success of the policy.

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