The Senate has, again, asked the Central Bank of Nigeria (CBN) to immediately extend the deadline for the withdrawal of old naira notes from circulation to July 31, 2023.
The CBN, on December 15, commenced circulating newly redesigned N200, N500 and N1000 notes and set January 31st, 2023 as deadline for the withdrawal of old notes.
As the deadline draws nearer, this has caused panic in many parts of the country with thousands of Nigerians, especially those in rural areas storming banks to exchange the old notes with the new ones.
During debate on a motion sponsored by Senator Sadiq Suleiman Umar (Kwara North) at plenary on Tuesday said the new notes were not enough in circulation, warning that if the deadline is not extended, “there would be chaos in many parts of the country”.
The Senate also urged the CBN to compel commercial banks to open naira exchange windows for those without bank accounts to exchange their old naira notes.
Senate President Ahmad Lawan, in his remarks, assured that the National Assembly leadership would ensure that the resolution is implemented by the CBN.