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Again, Senate Asks CBN To Extend Old Naira Notes Deadline

Again, Senate Asks CBN To Extend Old Naira Notes Deadline | Daily Report Nigeria

Abuja— The Senate on Tuesday asked the Central Bank of Nigeria (CBN) for the second time to extend the use of old Naira notes.

The Upper Chamber on December 28, 2022, advised the CBN to extend the phasing out of old currency notes scheduled for January 31, 2023, for six months.

However, this time it is asking for an extension of the deadline set by the apex bank till June 30, 2023.

The development followed a motion on naira redesign moved by Senator Sadiq Sulaiman (APC-Kwara North) on the floor.

Senator Sulaiman said the call has become necessary given the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.

He insisted that the redesigned notes are scarce and not available for those wishing to change their money to the new notes.

Senators in their contributions supported the motion except for Senator Sam Egwu (PDP- Ebonyi North).