Senate Gives CBN Fresh Directive On Deadline For Old Naira Notes

The Senate has asked the Central Bank of Nigeria (CBN) to extend the deadline for the circulation of old naira notes by six months.

The lawmakers during plenary on Tuesday said the apex bank should shift its deadline till July 31, 2023.

Truetells Nigeria recalls the CBN had introduced the redesigned N200, N500, and N1000 notes on December 15, 2022, and set January 31st, 2023 as the deadline for the withdrawal of old notes.

Despite the challenges faced by Nigerians in securing the new notes, the CBN has on several occasions insisted that there is no going back on the January 31st deadline for the withdrawal of the old notes from circulation.

However, during a debate on a motion sponsored by Senator Sadiq Suleiman Umar (APC, Kwara) at Tuesday’s plenary, the lawmakers pointed out that the new notes were not enough in circulation, and the January 31st deadline was not feasible as it could lead to chaos in the country.

The Senate, therefore, asked the CBN to extend the deadline by six months to allow Nigerians especially those in rural areas more time to change their old notes.

The upper legislative chamber also argued that the extension would give those without bank accounts enough time to exchange their old naira notes.

Senate President Ahmad Lawan promised that the leadership would follow up with the CBN to ensure the implementation of its recommendation.