Naira swap: 10-day extension insufficient – CPPE tells CBN

The Centre for the Promotion of Private Enterprises, CPPE, has reacted to the Central Bank of Nigeria’s 10-day extension for the return of old naira notes.

CPPE’s director, Dr Yusuf Muda on Sunday told Media Talk Africa in an interview the extension is inadequate.

President Muhammadu Buhari on Sunday announced the approval for the extension of the deadline to phase out old naira notes from 31 January to 10 February.

According to a statement by Femi Adesina, Special Adviser to Buhari on Media and Publicity, the CBN governor, Godwin Emefiele made the disclosure to journalists on Sunday in Daura, Katsina State after a meeting with Buhari.

Reacting to the development, Muda said the extension duration is inadequate to cover the shortcomings of the CBN.

“Just got [the] news that the deadline for the currency swap has been extended by 10 days. The CPPE believes that 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process,” he stated.