Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes

After initially ignoring pleas to increase the interval for returning previous naira banknotes, the Nigerian central financial institution not too long ago mentioned it has shifted the deadline for returning previous banknotes to Feb. 10. The financial institution’s governor, Godwin Emefiele, mentioned some 30,000 so-called tremendous brokers have been deployed nationwide to assist with the cash-swapping course of.

CBN Governor Says Currency Swapping Exercise Has Been a Success

The Central Bank of Nigeria (CBN) not too long ago mentioned it had prolonged the deadline for returning the previous naira banknotes by ten extra days. In his Jan. 29 press statement, CBN governor Godwin Emefiele mentioned whereas the train has been successful, shifting the deadline date from Jan. 31 to Feb. 10 helps the financial institution obtain success in rural communities.

The announcement follows weeks of pleas by residents who needed to be granted extra time to return the soon-to-be demonetized naira banknotes. The announcement of the extension additionally got here only a few days after a Bitcoin.com News report prompt that some Nigerian banks have been nonetheless distributing the previous notes.

To make sure the CBN’s goals are achieved earlier than the previous banknotes are faraway from circulation, Emefiele mentioned the central financial institution’s employees together with their counterparts from the Economic and Financial Crimes Commission (EFCC) have been mobilizing and monitoring the method. In addition, the governor mentioned some 30,000 so-called tremendous brokers had been deployed nationwide to assist with the cash-swapping course of in areas underserved by banks.

CBN Targets Rural Communities

Commenting on the central financial institution’s success to this point, Emefiele mentioned:

We are comfortable that to this point, the train has achieved successful price of over 75% of the N2.7 trillion [$5.86 billion] held exterior the banking system.

The governor additionally mentioned it aimed to present residents with genuinely earned cash a chance to deposit their legitimately trapped monies on the CBN for alternate.

Meanwhile, in his assertion, Emefiele, who has been accused of funding terrorists, insisted the central financial institution’s purpose isn’t solely to reinforce the effectiveness of its financial coverage however to assist Nigerian safety businesses of their battle in opposition to bandits and kidnappers. By demonetizing the previous banknotes, the CBN shall be sticking to its mandate of redesigning its foreign money each 5 to eight years, Emefiele added.

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