Naira Redesign: CBN Governor Rules out Possibility for Extension; Pleads with Nigerians to be Calm
By Joshua Samuel
The prospect of extending the 10-day grace period for the old Naira notes to continue in circulation has been thrown out by Central Bank of Nigeria Governor Godwin Emefiele. He urged Nigerians to put up with the discomfort caused by challenges obtaining the freshly redesigned Naira notes from financial institutions.
The governor, who made the appeal on Friday at a news conference in Lagos, stressed that money will be available very soon and that the agony is just momentary. He claimed that the apex bank’s leadership has urged commercial banks to handle the issue sensibly as the money circulates.
On the demand by some to extend the deadline by another year or if we are amenable to future extensions of the deadline, he stated. I’d reply “no.”
“I’m sure that many will argue that I already rejected a deadline extension last Tuesday, but I want to reiterate that this time we will not be considering one.
“We do anticipate some momentary or brief discomfort. However, I shall make a plea: “Please show understanding; people should be calm. We are pleading on our knees.”
Additionally, it was rumored that frustrated Nigerians protested about the shortage of new Naira notes on Friday in several parts of the country.