Senate Backs CBN On Naira Redesign

The Senate has resolved to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira notes.


Senate Backs CBN On Naira Redesign

The resolution of the upper Chamber followed a motion on the policy by the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.

The majority of Senators across party lines supported the redesign of the but some of them are concerned about the deadline set on Tuesday, January 31 2023 to pay all cash in circulation into banks was too short.

Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

The Senate also called for aggressive enlightenment on the part of the CBN, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.

The lawmakers insisted that such mass awareness would help Nigerians in the rural areas to comply with the policy so as not to lose their hard-earned income.

Recalled that CBN governor in October announced plans to redesign the 200, 500, and 1,000 naira notes.

Emefiele said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.

Emefiele added that the redesigning of would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.

The Senate on Wednesday urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace is able to bank their cash with ease within the stipulated time.

The lawmakers 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.

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