The Senate has again asked the Central Bank of Nigeria (CBN) to immediately extend the deadline for withdrawing old naira notes from circulation until July 31, 2023.
The Supreme Bank has started circulation of the newly designed N200, N500 and N1000 banknotes on December 15 and has set January 31, 2023 as the deadline for withdrawing the old notes.
Red House had directed the CBN to extend the deadline in December 2022, but the resolution was recused by the apex bank.
This has caused panic in many parts of the country as the deadline looms, with thousands of people, especially in rural areas, flocking to banks to exchange old banknotes for new ones.
Debating a motion sponsored by Senator Sadiq Suleiman Umar (APC, Kwara) in plenary session on Tuesday, senators said there was not enough circulation of the new bills and warned of chaos in many places if the deadline was not extended nation.
Lawmakers also expressed disappointment that CBN was sticking to the Jan. 31 deadline amid public outcry.
Therefore, the Senate asked the CBN to extend the deadline by six months to give Nigerians, especially those in rural areas, more time to replace old banknotes.
Red House also urged the central bank to force commercial banks to open naira exchange windows for the unbanked to exchange their old naira notes.
Senate President Ahmad Rawan assured that the National Assembly leadership will ensure that the CBN implements the resolution.
read from and Niri tribune
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