Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu says the January 31 deadline issued by the apex Central Bank of Nigeria for the phasing out of the old Naira note is unrealistic.
Moghalu made this statement in response to the outcry from Nigerians as the deadline for the phase-out of the old naira notes draws near.
There is widespread concern as Nigerians hurry to exchange their old naira notes for new ones; however, the new notes’ scarcity has led to an increase in calls for the deadline to phase out the old naira notes to be extended.
“The January 31st @cenbank deadline for exchanging Naira to the redesigned notes was never realistic and we can now see that. How can banks and ATMs still be dispensing the existing Naira a few days (or even weeks) to the deadline?” Moghalu in a twee on Saturday said.
“Whatever the merits of this policy (and I supported it but made clear three months was too short a period to execute it), it seems to have left millions of Nigerians in an impossible situation. I really wonder how all this will pan out,” he added.
The January 31st @cenbank deadline for exchanging Naira to the redesigned notes was never realistic and we can now see that. How can banks and ATMs still be dispensing the existing Naira a few days (or even weeks) to the deadline?
— Kingsley Moghalu (@MoghaluKingsley) January 28, 2023
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