BREAKING: Senate directs CBN to extend old naira notes mop up by 6 months

January 24, 2023 2:10 PM

The upper legislative Chamber through an adopted resolution arrived at the new deadline after a thorough debate.

Nigerian Senate

The Nigerian Senate, Tuesday, January 24, 2023, urged the Central Bank of Nigeria, CBN to extend the mop-up of old Naira notes to 31st July 2023.

Recommended articles

Who moved the motion: The call for a fresh extension was a fallout of a motion sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district.

What he said: “the new notes were not enough in circulation”, warning that if the deadline was not extended, there would be chaos in many parts of the country.

What happened after: The upper legislative Chamber through an adopted resolution arrived at the new deadline after a thorough debate.

What happened before now: This was against the backdrop of the earlier resolution in December 2022 which the lawmakers said, was jettisoned by the Apex bank.

What you should know by now: The denominations of N200, N500 and N1000 notes have been redesigned and were already in circulation.

How Nigerians are reacting: The redesign has been trailed by heavy criticisms, citing the timing as insensitive as a result of the general election coming up next month.