Old Naira Notes: Senate asks CBN to extend deadline to June 2023

The recommendation followed a motion by the senator representing Borno South, Ali Ndume,raising the alarm over the January 31st deadline.

According to Ndume, the notice given by the CBN is too short, considering the few banks in Borno and Yobe states and the inability of people in these states to lodge the old notes in time to meet the deadline.

The CBN Governor, Godwin Emefiele had on October 26, 2022, announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes the redesigned notes will limit cash in circulation and therefore restrict the deplorable activities of ransom-demanding kidnappers as well as politicians set on rigging the upcoming elections.

Last week, the World Bank expressed concern over the economic impact of the recent naira redesign on Nigerian households and businesses.

The global financial institution stated that the timing and short transition period of the Nigerian naira redesign may weigh on economic activity.

Meanwhile; the Senate has stepped down the restructuring of the twenty two point seven trillion naira Ways and Means request of President Muhammadu Buhari until more documents are presented to the Senate for further legislative action.

The Upper Chamber, however, approved that eight hundred and nineteen billion naira be excised from one trillion naira ways and means to fund the 2022 supplementary budget.

The President had written to the Senate, requesting the approval of restructuring of twenty three point seven trillion naira Ways and Means advances given to the Federal Government by the Central Bank of Nigeria.