Emefiele Insists Naira Swap Will End Next Week

Central Bank Governor, Godwin Emefiele has insisted that the apex bank will not extend the deadline for swapping old naira notes with the newly redesigned ones.

He made this known during a special briefing at the CBN office in Lagos, saying that the CBN and other stakeholders are already looking addressing areas where there are pressures.

“I would say no. I am sure that people are going to say only last week I said no, but I want to say unfortunately again, this time we will not be looking at extension of deadline because we as the central bank, deposit money banks and other important stakeholders, we are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure.

“We have had cases where some bank branches have some cash in their vaults and because there was no demand for them and we asked central bank officials when reported to move those monies away and move them to areas where there is pressure. So those are some of the logistical challenges that we faced and we are doing everything possible to address them. So I am not going to make any promise to anyone that there would be any further extension of this deadline,” Emefiele said.

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