Senate seeks 5 months extension on withdrawal of old Naira notes

The Senate on Wednesday urged the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old Naira notes to June 30, 2023.

The apex bank announced the redesign of the N200, N500, and N1,000 notes in October.

It also fixed January 31, 2023, as the deadline for the withdrawal of the old notes.

The Senate resolution followed a point of order raised by former Senate Leader, Ali Ndume, during the plenary in Abuja.

Ndume, who raised Orders 41 and 51 of the Senate Standing Rule, urged the CBN to consider the extension of the deadline as a matter of urgent national importance.

The move, according to him, will prevent hardship in the country.

READ ALSO: Nigerian banks still dispensing old notes from ATMs 48 hours after new notes begin circulation

He said: “This Senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of January 31.

“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira note.

“The old notes are expected to be in circulation along with the new ones until January 31 when the old ones are expected to be phased out.

“It is expected that many Nigerian businesses will start to rig the old notes as soon as banks start paying redesigned notes to customers.

“The withdrawal of old notes from circulation if not extended beyond January 31, 2023, many Nigerians will be thrown into hardship and to avoid the repeat of 1984 experience withdrawal of old notes.”

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