Naira Swap: Atiku Thanks Emefiele For Heeding His Appeal To Extend Deadline

Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate, has welcomed extension of the deadline for swap of old Naira notes with new ones.

The Central Bank of Nigeria (CBN) had set January 31 deadline for withdrawal of the old notes from circulation but extended it to February 10 after securing President Muhammadu Buhari’s approval.

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The Naira redesign and cash swap policy, among other things, aims to withdraw illicit or stolen funds being kept in people’s homes into the banking system.

Reacting to extension of the deadline, Atiku said: “It is commendable that the CBN finally listened to the patriotic voices for a slight extension of the January 31 deadline for the exchange of old Naira notes to minimise its adverse effects on the most vulnerable of our people.

“I suggest that the CBN should encourage the banks to step up their mobile banking activities to ensure that Nigerians in remote areas and the unbanked benefit from this extension. It is my hope that Nigerians will take advantage of this new window to change their old notes to new ones.”

The CBN Governor, Godwin Emefiele, announced the extension on Sunday after meeting with President Buhari in Katsina where he’s on a working visit.

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Emefiele, who said the policy was not targeted at “the common man”, noted that “it had become necessary to prevent counterfeits, corruption, and terrorist funding” in order to guarantee a strong and stabilized economy.

Atiku had protested against the earlier deadline for swap of the old notes, saying it was unrealistic and causing discomfort.

“The deadline is going to cause heavy discomfort for Nigerians,” he said in a video shared across his social media pages.

“It will be magnanimous for the Federal Government and the regulatory body to ease the burden of the people while we can continue to sensitise the public on the imperative of mobile banking policy.

“It is important for the CBN to consider an extension for the public to swap their old notes thereby reducing the financial consequences on these vulnerable citizens, I believe that such painful experience is not the intention behind the initiative.”

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