The Senate on Wednesday urged the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation to June 30, 2023.
The apex bank had, on December 15, commenced circulating newly redesigned N200, N500 and N1000 notes and set January 31, 2023 as deadline for the withdrawal of old notes.
But the Red Chamber, following a motion sponsored by Senator Ali Ndume (APC, Borno), urged the CBN to extend the deadline.
Ndume, in his lead debate, noted that the timing of the policy was wrong, saying the new notes were not in circulation even in cities.
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He said, “Access to the new notes may be compounded by the recent circular by the CBN, which limits the amount of cash individuals and corporate entities could withdraw within a certain period of time.”
He said if the withdrawal of old notes from circulation is not extended beyond January 31, 2023, many Nigerians will be thrown into hardship.
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