*Godwin Emefiele, Governor of Central Bank of Nigeria, discloses the Bank will extend cash swaps to Microfinance Banks, and engage 30,000 super agents in the hinterlands as part of the fresh measures to accelerate the circulation of new Naira notes in the West African country

Isola Moses | 绿帽献妻

Against the backdrop of the current hardships and socio-economic dislocations resulting from relative scarcity of the redesigned banknotes, Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), has said that Bankers’ Bank acknowledges the pains Nigerian consumers are facing in this regard.

绿帽献妻 reports Emefiele noted this at the recent special briefing at the CBN office in Lagos, said the CBN is aware of the inconveniences in accessing the new Naira notes, and that the Bank is working on closing the gaps observed in the circulation process across Nigeria.

Emefiele (l) and President Muhammadu Buhari unveiling the redesigned banknotes November 2022, at the State House, Abuja聽

According to Emefiele, the CBN will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands as part of new measures to accelerate the circulation of new Naira notes.

Besides, he stated the CBN is discussing with commercial banks to make alternative payment channels easily accessible to consumers.

February 10 deadline stays

Emefiele further said that the CBN, however, is not considering extending the new February 10 deadline for swapping the old Naira notes with the newly redesigned ones.

We’ll deal with whatever hindering ‘successful implementation’ of Naira policy, says Buhari

It is also recalled that President Muhammadu Buhari Friday, February 3, 2023, told Nigerians to give him seven days to resolve the cash crunch, following the CBN redesigning, production and release of the Naira notes into circulation.

Buhari stated this while engaging the Progressive Governors鈥� Forum (PGF), who visited him at the Presidential Villa, in Abuja, FCT.

The governors were at the Villa to seek solutions to the cash crunch, which they said was threatening the good records of the administration in transforming the Nigerian economy.

The President reportedly restated at the forum with the All Progressives Congress governors that the currency re-design would give a boost to the economy and provide long-term benefits.

Some banks inefficient, greedy, President alleges

He, nonetheless, expressed doubts about the commitment of banks in particular to the success of the policy in the country.

Malam Garba Shehu, Senior Special Assistant (SSA) to the President on Media and Publicity, after the meeting with the PGF, also stated Buhari alleged that some banks are inefficient but are only concerned about themselves.

The statement even if a year is added to the passing out of old Naira notes as legal tender, the problems associated with selfishness and greed will not disappear.

The Presidential aide further stated that Buhari said he had seen television reports about cash shortages and hardships to local businesses and ordinary Nigerians and gave assurances that the balance of seven of the 10-day extension will be used to crack down on whatever stood in the way of successful implementation.

The President further promised that he will revert to the CBN and the Minting Company, and a decision would be taken.

Still, the governors told the President that while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset, noted the statement.

The governors as well informed Buhari, that as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming.

They further requested the President to use his good offices to direct that the old and new notes co-circulate till the end of 2023.

The President declared in view of the CBN’s earlier assurance of adequate local capacity to produce the redesigned banknotes and current realities now,聽 he would find out what was actually happening.

He further assured the governors that being closer to the people, he had heard their cries, and would act in a way that there will be a solution, said the Presidency.

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