CBN deadline may precipitate economic crisis -experts

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Lagos, Jan. 26, 2023 – Some experts have called on the Central Bank of Nigeria (CBN) to urgently address the crisis surrounding its deadline on circulation of old currency notes.

The experts expressed their views in the latest edition of Proshares “Analysts Note” published on Thursday.

 Proshare is a market research and information service company in Lagos.

 The experts said that the deadline could impede economic activities and worsen the welfare of average Nigerians if urgent steps were not taken. 

“Despite the scarcity of the new notes and pleas by citizens for an extension of the currency change deadline, the CBN has maintained its stance on not extending the deadline.

“With four days to the deadline, trade activities in the country are still heavily carried out in the old notes with little availability of new notes.

“The pressure to avoid having the old notes after the deadline has resulted in some Nigerians rejecting the old notes and the inadequate availability of the note has created a dilemma for citizens.

“Although there will be a huge adoption of online transactions from literate citizens, the major concern is the unbanked illiterate individuals, particularly market traders.

“With ATMs at the urban centres still dispensing old notes, the fate of the rural areas is definitely worse,” the experts said.

The experts said that while the apex bank had claimed to have launched a cash swap programme in rural areas on January 23,the circulation of the currency has not seen any significant improvement. (GBN)

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