The Nigerian senate is asking the Central Bank of Nigeria (CBN) to extend the deadline it placed for the phasing out of old N1,000, N500, and N200 notes from January 31st to June 30th, 2023.
Nigerian Senate Seeks Extension Of CBN Deadline To June 30th, 2023 Over Old Naira Notes
The appeal to the apex bank was raised after Senator Ali Ndume representing Borno South raised a motion over the January 31st deadline.
Ndume said 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.
Recall that Kanyi Daily reported that the CBN Governor, Godwin Emefiele 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.
President Muhammadu Buhari, in November, unveiled the redesigned naira notes as proposed by the CBN, marking the first time in 19 years since Nigeria’s last currency redesign.
The CBN Governor, Godwin Emefiele maintained that there would be a heavy restriction on the volume of cash that people can withdraw over the counter, as it works with the Economic and Financial Crimes Commission (EFCC) to monitor the purpose of any heavy transactions.
The redesigned currency note he asserts can never be counterfeited, adding that to forestall such occurrence, the CBN will redesign the notes after every five to eight years.
