Respite came for Nigerians as President Muhammadu Buhari yesterday in Daura, Katsina State, approved the extension of the ongoing currency swap by 10 days.
The president directed the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to move the deadline from January 31, 2023, to February 10, 2023.
A statement issued by presidential spokesman, Femi Adesina, noted that Buhari gave the approval at a meeting with the CBN governor, urging more time, discretion and order to enable Nigerians successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas.
Briefing journalists after the meeting, the CBN governor said the currency swap had achieved more than 75 per cent success rate of the N2.7 trillion held outside the banking system, with evident drop in rate of inflation, more stability of foreign exchange rates, and noticeable impact on security, especially in banditry and kidnapping figures.
“First, I will like to thank Mr. President for giving the CBN the approval to embark on this ambitious programme because, like I said, in the past, the CBN has not had the opportunity to embark on such currency redesign programme in last 19 years and indeed, let me emphasize, that only an incorruptible leader of the President’s stature can give such approval to the CBN,” he said.
