Nigeria should take into account extending a deadline for exchanging old banknotes, according to the International Monetary Fund, given the interruptions to trade and payments caused by a lack of new notes.
By Friday the 9th, the 1,000, 500, and 200 naira notes will no longer be accepted as legal cash. Newly designed notes have begun to be released by the central bank, but many Nigerians claim that they are not yet available in banks, leading to severe cash shortages and tumultuous scenes inside banks.
Despite the measures taken by the CBN (Central Bank of Nigeria) to lessen the difficulties in the banknote swap process, the IMF encouraged the CBN to think about extending the deadline, should issues continue in the coming days.
