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Senate tells CBN to extend deadline for old Naira notes to July

Senate tells CBN to extend deadline for old Naira notes to July

The National Assembly’s upper chamber has once again weighed in on the debate over the Central Bank of Nigeria’s (CBN) deadline for the circulation of old naira notes.

This time, the Senate has requested that the Apex Bank extend the deadline for removing old naira notes from circulation until July 31, 2023.

Remember that the CBN began the circulation of the newly redesigned N200, N500, and N1000 notes on December 15th, and set January 31st, 2023 as the deadline for the withdrawal of old notes.

It should also be noted that the Senate directed the CBN to extend the deadline in December 2022, but the apex bank refused to consider the resolution.

As the deadline approaches, Nigerians are flocking to banks to exchange old notes for new ones in order to avoid negative consequences.

Read Also: We Won’t Change Jan 31st Deadline Of Old Naira Notes, Says Emefiele

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During a plenary debate on a motion sponsored by Senator Sadiq Suleiman Umar (APC, Kwara) on Tuesday, some senators who spoke noted that there were not enough new notes in circulation.

They warned that if the deadline was not extended, many parts of the country would be in chaos.

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

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

The President of the Senate, Ahmad Lawan, who presided over the plenary assured that the National Assembly leadership would ensure that the resolution is implemented by the CBN.

Senate tells CBN to extend deadline for old Naira notes to July

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