In the light of social and economic disruptions caused by the new naira notes policy, the International Monetary Fund has counselled the Central Bank of Nigeria to extend the February 10 deadline.
Nigerians are still unable to have access to cash a few days to the deadline and it is feared that there may be more disruptions as the new naira notes are yet to be adequately circulated. Some of the commercial banks have even shut their doors in the wake of several attacks on their premises by protesting Nigerians youths.
The IMF representative in Nigeria Laraba Bonet, said in a statement on Wednesday that the naira swap policy had brought untold hardship to Nigerians.
“In light of hardships caused by disruptions to trade and payments due to the shortage of new banknotes available to the public, despite 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”, it stated.
Meanwhile the IMF also reminded the Federal Government on the removal of fuel subsidies by mid-2023.
The IMF said, “Directors highlighted the need for bold fiscal reforms to create needed policy space, put public debt on sound footing, and reduce vulnerabilities.
“They urged the authorities to deliver on their commitment to remove fuel subsidies by mid-2023, and to increase well-targeted social spending. Strengthening revenue mobilization, including through tax administration reforms, expanding the tax automation system and strengthening taxpayer segmentation, and improving tax compliance is also a priority.”
