The Nigerian Senate has again asked the Central Bank of Nigeria (CBN), to immediately extend the deadline for withdrawal of old Naira notes from circulation from January 31st till July 31, 2023.
The resolution of the upper chamber follows a motion by Senator Sadiq Suleiman (APC Kwara), at Tuesday’s plenary, raising concerns that the new notes are not fully in circulation
According to Senator Sadique, if the deadline is not extended, there would be chaos in many parts of the country.
The lawmakers had in December 2022 directed the CBN to extend the deadline, but the resolution was not adhered to by the apex bank
The lawmakers took turns lamenting that more than forty per cent of old currency is still in circulation, despite only one week left for the new note to take effect.
The lawmakers lamented that if the CBN does not extend the policy, many Nigerians will lose their hard-earned savings.
According to Senator Ibrahim Bulchuwa ( PDP Bauchi North), out of the seven local governments in his constituency, only one has a bank.
After several hours of deliberation, the Upper Chamber again resolved to mandate the CBN to extend the deadline from January 31st to July 31st 2023.
Senate also resolved to mandate the CBN to open an exchange window, to allow those who do not have bank accounts, especially in rural areas, to exchange their old Naira notes for new currency.
(Editor: Ifeanyi Mark)