The Senate has implored the Central Bank of Nigeria (CBN), to extend deadline for the phasing out of the old naira notes earlier fixed for 31st January, 2023 to June 30th of the same year.
This recommendation followed a motion raised by a member representing Borno South, Senator Ali Udume that the deadline earlier slated by the CBN would not be feasible.
The Senator expressed fear that the short notice by the CBN would create more hardships for Nigerians synonymous to currency change in Nigeria in 1984 when most Nigerians were left stranded.
Senator Udume who stated that only few banks in Borno and Yobe states have access to the new naira notes, lamented that the time frame slated by the CBN would not allow people of these states to lodge their old naira notes in their possession before the expiration of the deadline.
It would be recalled that the CBN Governor, Godwin Emefiele on 26th October, 2022 announced the redesigning of the naira notes, adding that the new existing currencies will remain legal tender and circulate together until 31st January, 2023.
The CBN had expressed optimism that the new naira notes would limit cash in circulation as well as put to check the unabated activities of kidnappers and money laundering.
It was also the believe of the Apex bank that new naira notes would restrict the movement of large volume of cash that people can withdraw over the counter.
The new naira notes was also targeted at reducing election rigging by politicians who induced voters with cash.
Emefiele who assured that the new naira notes cannot be counterfeited, disclosed that the policy that led to the redesigning of new naira notes also indicate that the currency be redesign every five to eight years.
The CBN policy had suffered severe criticisms.
