If difficulties in obtaining new naira notes persist, the International Monetary Fund (IMF) has encouraged the Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of old naira notes.
IMF resident representative for Nigeria Ari Aisen issued the recommendation in a statement on Wednesday.
The expiration date for old naira notes was originally set for January 31, but it was then extended by 10 days to February 10.
Despite the extension, both the new and the old banknotes are difficult to get in Nigeria.
These obstacles have prompted protests and demonstrations in certain regions of the country.
The statement reads, “In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, despite measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline if problems persist in the days leading up to the February 10, 2023 deadline.”
In the meantime, the Supreme Court temporarily blocked the federal government on Wednesday from prohibiting the use of old naira notes beginning February 10.