The Senate on Wednesday witnessed a rowdy session as lawmakers engaged in heated argument over the plan by the Central Bank of Nigeria (CBN) to support the redesigning of N1,000, N500 and N200 notes.
While some lawmakers expressed their reservations about the CBN’s plan, others argued for an extension of the January 31st deadline by the apex bank.
Amid the argument, the Senate, however, resolved to provide legislative support to the CBN for the redesign of the N1,000, N500 and N200 naira notes.
The resolution was after a motion sponsored by Uba Sani, chairman, senate committee on banking, insurance and other financial institutions.
Sani had, in the prayers to his motion, urged the senate to provide legislative support for the policy.
He also asked the upper chamber to mandate his committee to embark on aggressive oversight on the matter.
Sani also urged the senate to support the CBN naira redesign policy, including the January 31 deadline for compliance.
But Orji Uzor Kalu, chief whip of the senate, and some other senators supported the CBN policy, calling for the extension of the deadline for compliance.
Kalu said the time frame should be extended to April 30, explaining that Nigerians would be occupied with several activities during the festive period and may struggle to meet timeline given by the CBN.
He also asked the senate to invite Godwin Emefiele, the CBN governor, to shed more light on the policy.
But Gabriel Suswam, senator representing Benue north-east, disagreed with Kalu, saying the CBN governor has persistently failed to honour senate invitations.
He said it would be ridiculous for the senate to give legislative support for a policy that has been concluded on implementation by the CBN.
Suswam further expressed reservations about the announcement of the naira redesign, adding that it would contribute to the high inflation level in the country.
On her part, Biodun Olujimi, senator representing Ekiti south, said the timeframe was too short for Nigerians to transfer the cash at their disposal to the commercial banks.
According to her, caution should be taken not to shut down the economy given the timeframe for the implementation of the policy.
Betty Apiafi, senator representing Rivers west, asked if the naira redesign policy would further improve the economy, calling for further clarification from the CBN on its effect on the economy.
In his submission, Bassey Akpan, senator representing Akwa Ibom north-east, emphasised the need to support the CBN governor.
Akpan added that there should be no discussion on the matter.
