Financial experts have applauded the decision of the Central Bank of Nigeria to extend the deadline for the swapping of the new naira notes with the old ones in circulation to February 10.
The apex bank’s decision on Sunday followed clamours by Nigerians including stakeholders, the 36 state governors, the Nigerian Bar Association, the Arewa Consultative Forum and bank customers, for a review of the policy and an extension of the January 31 deadline.
Reacting to the development, President, Association of Capital Market Academics of Nigeria and the country’s first professor of Capital Market, Uche Uwaleke, who spoke with our correspondent via telephone on Sunday, said the extension of the deadline by the CBN till February 10 portrayed the CBN as a responsive organisation that was sensitive to the yearnings of Nigerians.
“The revision of the cash withdrawal limits confirms that the apex bank is following up issues and means well for Nigerians.
“This deadline extension will reduce the queues at the ATM, reduce panic and uncertainty among small business owners in remote areas and more importantly, allow more time for the new naira notes to circulate while the old ones returned to the CBN given that about N900 billion is still outside the banks as revealed by the CBN Governor, Godwin Emefiele”, he said.
Uwaleke also stressed that the new deadline was slated before the February 25 presidential election to reduce vote-buying and to discourage the current practice of rejection of the old notes even though they were still legal tenders.
He commended the CBN for the move as well as the President, Major General Muhammadu Buhari (retd.), for giving approval for the extension.
In his own reaction, an investment banker and Chief Executive Officer, Taurus Capital Limited, Dr Nnaemeka Obiaraeri, opined that the monetary conversion policy was a laudable one as it had helped to reduce the rate at which kidnappers endlessly demanded huge amounts of money to release their victims.