There will be no more deadline extensions—Emefiele, New Naira

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The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said that the deadline for the naira swap will not be extended again.

Nigerians had asked the CBN to move the deadline for the swap from January 31 to February 10. On Sunday, they did so.

Emefiele told journalists in Lagos on Friday that the Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) were working to fix the problems with the new notes.

He said, “I want to say again that I’m sorry, but this time we won’t be looking at a deadline extension because the central bank and the deposit money banks are doing everything they can to deal with the problems.”

Emefiele’s letter came just a few hours after President Muhammadu Buhari asked Nigerians to give him seven days to solve the problem.

Buhari said this after meeting with the governors of the All Progressives Congress (APC) in Abuja. He said that changing the currency would help the economy and help Nigerians in the long run.

He also had doubts about how committed the banks would be to making the policy work.

“Some banks aren’t very good at what they do and only care about themselves. “Even if we add a year, selfishness and greed will still cause problems,” the President said.


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