March 31, 2023 11:46 pm

Extension Of Deadline for currency swap: UCCIMA appreciates PMB, CBN…Seek President’s intervention in fuel crisis

Chief Chidi Nkem Aruoma


The Umuahia Chambers of Commerce Industry, Mine and Agriculture, UCCIMA has appreciated President Muhammadu Buhari and Nigeria’s Central Bank Governor, Godwin Emefiele, for approving a 10-day extension of the deadline for the swapping of currency to new notes.

Recall that the Central Bank had last year introduced redesigned 200, 500 and 1000 naira notes and gave a deadline of 31st  January, 2023 for swapping of the notes.

Reacting to the development, the UCCIMA President, Chief Chidi Nkem Aruoma called on members of the organization, the Organized Private Sector, OPS and general Abia business community to embrace and use the window to change their naira notes from the old to new ones, before February 10, the new deadline.

He advised people to utilize the opportunity because the deadline might not be extended again.

Aruoma moreover called on the CBN to urgently address the scarcity of the new notes as several bank customers are becoming stranded due to lack of access to the new notes. The time that would have been used to produce in now spent on long queues

He pointed out that most retailers and traders have been rejecting the old notes amid long queues at ATM galleries across the country which has made the POS operators to hike their charges, adding, “This is not good for us and is killing our business”.

Aruoma who described UCCIMA, as the voice of Umuahia business community, also observed with great concern the lingering price crisis rocking the distribution and sales of fuel in the country; and passionately appealed to President Muhammadu Buhari to make efforts at ensuring that the distribution and sales of fuel is brought under control to curb scarcity and control price.

Aruoma who carefully observed also that the business operating environment in Nigeria is already charged as a result of high price of petroleum products particularly diesel and irregular electricity supply, was optimistic that once President Buhari upscale his efforts that factors affecting the sales of petroleum products and other factors inimical to the growth of Small businesses will be brought under control.

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