Currency Swap Policy Not Working, Northern Elders Call For Deadline Extension

The Northern Elders Forum, NEF, has said that the naira redesign policy of the Central Bank of Nigeria, CBN, is frustrating Nigerians.

The forum therefore advised the CBN to reconsider its January 31 deadline set for the swapping of old naira notes for new ones.

This was disclosed in a statement signed by the Director of Public Advocacy, Hakeem Baba-Ahmed.

“The currency swap programme has not worked as planned, and it is strangulating economies, communities and the patience of the citizens.

“It should be revisited, particularly around its timelines and operations of the CBN and banks. Whatever its benefits, it cannot be of value if it destroys many aspects of the economy, or alienates already hard-pressed citizens further.

“The Forum advises a postponement of its deadlines and a major review of the utility of the continued stay of the leadership of the CBN in place.

“The Forum warns that Nigerians will not accept to live under any arrangement that offends the constitution of the Federal Republic of Nigeria,” he said.

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