Naira Redesign: IMF sends Buhari, CBN urgent message on February 10 deadline

Amid the hardship experienced by Nigerians due to the naira swap imposed by the Central Bank of Nigeria (CBN), the International Monetary Fund (IMF) has called for an extension of the February 10 deadline.

In a statement released in Abuja on Wednesday, February 8, the IMF said its call for the extension is based on the current economic crisis into which the issue has plunged citizens and their businesses, The Nation reports.

The international financial organisation said the CBN should consider extending its deadline should the problem caused by the new policy persist.

Part of the statement read:

“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist in the next few days leading up to the February 10, 2023 deadline.”

The statement was issued by Laraba S. Bonnet on behalf of IMF's resident representative to Nigeria, Ari Aisen, PM News added.

The move of the federal government to ban the legal tending of the old notes of N200, N500, and N1000 from Friday, February 10, has been suspended by the Supreme Court.

On Wednesday, February 8, Justice John Okoro-led's 7-member panel stopped the move in an exparte application filed before it by three northern states, which include Kaduna, Zamfara, and Kogi The three northern states applied for an interim injunction of the order.

The application reads in part:

“the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.