Old Naira Notes: Senate Proposes June As Deadline
The Senate has urged the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation.
The CBN was encouraged by the Senate to extend the deadline to June.
CBN had on Oct. 26, announced plans to redesign the 200, 500, and 1,000 naira notes.
After the announcement by the apex bank, President Muhammadu Buhari unveiled the redesigned naira notes.
The newly redesigned N200, N500, and N1000 notes went into circulation on December 15 and a deadline of January 31, 2023, was set by the apex bank for the withdrawal of the old notes.
But the Red Chamber, following a motion sponsored by Senator Ali Ndume (APC, Borno), urged the CBN to extend the deadline.
Ndume cited Orders 41 and 51 of the Senate Standing Rules to argue that the request for a date extension should be regarded as an issue of urgent national concern in order to prevent impending hardship for Nigerians.
According to Ndume: “It’s expected that many Nigerian businesses will start to get rid of the old notes as soon as banks start paying redesigned notes to customers.”
He continued, “Many Nigerians will face hardship if the withdrawal of old [naira] notes from circulation are not extended beyond January 31 and to prevent a repetition of the 1984 experience.”
In support of Ndume, Senator Adamu Aliero (PDP-Kebbi) acknowledged that it was true that people in rural regions were unaware of what was happening.
So this motion is really appropriate and timely, Aliero remarked. Our rural residents will suffer greatly if we insist on the CBN-given deadline of January 31.