Mixed reactions have trailed the Central Bank of Nigeria (CBN)’s decision to extend the collection period for obsolete naira notes by ten days.
On Sunday in Abuja, some Nigerians voiced their worries and thanked the CBN for the extension, while others urged caution since it would eventually result in a situation where government policies are not taken seriously.
They consider the extension to be appropriate since it allows some Nigerians who haven’t deposited their old naira notes to do so.
The CBN Governor, Godwin Emefiele stated that the extension to February 10 was approved by President Muhammadu Buhari after the apex bank requested for it.
Aside from individuals hoarding illicit/stolen cash in their houses for speculative purposes, the governor stated that the goal of the extension was to allow Nigerians who have lawfully earned and trapped naira to deposit their legitimately trapped monies with the CBN for exchange.
CBN had earlier given Jan. 31 as the deadline for people to deposit the old notes in their possession in banks.
Here are some reactions from Nigerians:
Mr. Ukaegbu Ndukwe, a software programmer, said the extension by 10 days would give the masses a few days of grace to return old notes in their possession to the bank.
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“The date is fair, so long it doesn’t get extended to the election date as it might affect the free and fair electoral process in terms of vote buying.
“Most of the people clamouring for this extension may have in their possession hoarded old naira notes and might intentionally want to use this notes for vote buying,” he said.
Mr Michael Akpan, a businessman, said he did not expect the apex bank to give in to pressures by politicians to extend the Jan. 31 deadline.
“I will say it’s okay since it’s not after the elections, but government should learn to stand by its words.”