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Senate Demands Six Months Extension For Deadline Of Old Naira Notes

Nigerian Senate

January 24, (THEWILL) – The Senate on Tuesday, asked the Central Bank of Nigeria (CBN), to immediately extend the deadline for the withdrawal of old Naira notes from circulation to July 31, 2023.

The apex bank, on December 15, commenced circulating newly redesigned N200, N500 and N1000 notes and set January 31, 2023, as the deadline for the withdrawal of old notes.

During debate on a motion sponsored by Senator Sadiq Suleiman Umar (APC, Kwara), at Tuesday’s plenary, the lawmakers said the new notes were not enough in circulation, warning that if the deadline was not extended, there would be chaos in many parts of the country.

The lawmakers also expressed dismay that the CBN had insisted on the January 31 deadline despite huge public outcries.

Despite the Cash swap programme, among other policies that the CBN had introduced in rural communities, the lawmakers asked the CBN to extend the deadline by six months, to allow Nigerians, especially those in rural areas more time to change their old notes.

The Red Chamber also urged the CBN to compel commercial banks to open naira exchange windows for those without bank accounts to exchange their old naira notes.

Senate President, Ahmad Lawan, assured that the National Assembly leadership would ensure that the resolution is implemented by the CBN.