The Governor of the Central Bank,Godwin Emefiele on Friday insisted that the apex bank will not extend the deadline for swapping old naira notes with the newly redesigned ones.
He made this known during a special briefing at the CBN office in Lagos,saying that the CBN and other Stakeholders are already looking at the areas where there are pressures.
“I would say no. I am sure that people are going to say only last week I said no, but I want to say unfortunately again, this time we will not be looking at extension of deadline because we as the central bank,deposit money banks and other important stakeholders, are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure.
“We have had cases where some bank branches have some cash in their vaults and because there was no demand for them and we asked central bank officials when reported to move those monies away and move them to areas where there is pressure.
“So, these are some of the logistical challenges that we faced and we are doing everything possible to address them. I am not going to make any promise to anyone that there would be any further extension of this deadline,”Emefiele said.
He also said that the Apex bank acknowledged the pains Nigerians are facing in accessing the new naira notes.
According to him,the Apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands as part of new measures to accelerate the circulation of new naira notes.
He stated that the CBN is discussing with banks to make alternative Channels easily accessible.
He urged Nigerians to be patient, noting that the policy’s benefits outweigh its initial downsides.
The CBN governor also said the naira redesign policy is not aimed at anyone in particular, emphasising that it is aimed at economic growth.
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“In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I’m sure some people will say it is old fashioned.
“But at this time that we’re trying to get the currency in circulation amongst everybody, people have to have numbers and they come in under a queueing arrangements that when you come in you get served, if it finishes, just be patient.
“By tomorrow, when you come back, they will start from where they stopped, you will not be cheated.
“Let’s just be calm and adopt a good queueing system, the assurance we give is that it will eventually go round.
“Eventually the limits will be raised and eventually the limits will be removed and people will be able to conduct their business transactions in a way that it has always been in the past.
“We are doing our work. We are bankers.Those holding protest should please calm down. We are on our knees.”
On high charges by the Point of Sale (PoS) agents on every transaction made by their customers, the apex bank governor urged banks to stop the charges on PoS.
“I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.
“Those charges at this time should be stopped. So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.
“But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.
“We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.
“But we would want this service to continue to be offered.Whatever it is in terms of volume and number that you have carried out. We will look for away to pay you your money,”he said
This is coming hours after President Muhammadu Buhari met with governors elected on the platform of APC where he asked them and Nigerians to give him seven days to resolve the crisis erupted following the CBN redesigning of the naira notes.