Senate appeals to CBN to extend old Naira notes till June 30

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The Senate has appealed to  the Central Bank of Nigeria (CBN) to extend the use of old Naira notes till June 30, 2023.

This followed a motion on naira redesign moved on Tuesday by Senator Sadiq Sulaiman (APC-Kwara North) on the floor.

The Upper Chamber on December 28, 2022 advised the CBN to extend the phasing out of old currency notes scheduled for January 31, 2023 for six months.

However, the CBN has vowed to go ahead with its January 31, 2023 deadline.

Senator Sulaiman said the call had become necessary in view of the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.

He insisted that the redesigned notes were scarce and not available for those wishing to change their money to the new notes.

Senators in their contributions supported the motion except Senator Sam Egwu (PDP- Ebonyi North) .

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