IMF addresses the naira shortage situation and requests that the CBN and Nigerian government extend the swap deadline

The Federal Government and the Central Bank of Nigeria (CBN) have been urged by the International Monetary Fund (IMF) to extend the cash swap policy deadline past February 10 in response to the present naira shortage in Nigeria.

The IMF, the first international organization to publicly seek for an extension of the cash exchange program, made the request soon after the Supreme Court issued a judgement temporarily barring the FG and the CBN from enforcing the deadline.

The IMF stated that its request was based on the hardships facing Nigerians in a statement released on Wednesday in Abuja by Laraba Bonet on behalf of Ari Aisen, the IMF’s resident representative in Nigeria.

Part of the statement said: “The IMF encourages the CBN to consider extending the deadline should problems persist in the days leading up to the February 10, 2023, deadline should the shortage of new bank notes available to the public cause disruptions to trade and payments in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process.”