The Senate on Wednesday agreed to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.
The resolution followed a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.
The lawmakers while supporting the move to redesign the naira, said the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.
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They further called for aggressive enlightenment especially in the rural areas to ensure that citizens are informed of the new policy insisting that such mass awareness by the CBN would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.
They also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.
They said such a measure would also ensure the security of the local population who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents.
More details later…
