Senate of Nigeria

WorldStage Newsonline– The Senate has urged the Central Bank of Nigeria (CBN) to extend the withdrawal date of the old naira notes from Jan. 31 to July 31.

31,deadline to halt the use of the old 200, 500 and 1000 Naira note would not be extended. The Director, Financial Markets Department of the Bank, Dr. Supporting the motion, Sen. “There is no doubt that we must have window for exchange. Moving the motion, Suleiman recalled that the Senate in it’s resolution on Dec. 31 to July 31.

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

Meanwhile, the call for a fresh extension was a fallout of a motion sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district, in which 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. The redesign has been trailed by heavy criticisms, citing the timing as insensitive as a result of the general election coming up next month. This was against the backdrop of the earlier resolution in December 2022 which the lawmakers said, was jettisoned by the Apex bank.

The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to soft-pedal on its deadline for phasing out old Naira notes fixed for the end of January but ...

The Senate, therefore, asked the CBN to extend the deadline by six months to allow Nigerians especially those in rural areas more time to change their old notes. This has caused panic in many parts of the country as the deadline draws nearer, with thousands, especially those in rural areas storming banks to exchange the old notes with the new ones. The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to soft-pedal on its deadline for phasing out old Naira notes fixed for the end of January but to extend to July 31, 2023.

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“Based on what we are hearing all over the place in newspaper publications, there’s a need to review the policy, there’s nothing wrong with reviewing a policy. “We need to invite bank managing directors to brief an ad hoc committee to find out the truth about this new notes are available. The resolutions of the lawmakers were sequel to the adoption of a motion of urgent public importance, sponsored by Hon. They called on Buhari to intervene in the insistence of the CBN on the deadline. Gbajabiamila said, “CBN has been making spirited efforts to try and educate people out there. The MPR is the rate at which commercial banks borrow from the CBN and often determines the cost of lending in the economy. Also, addressing the concerns around the shortage of the new naira banknotes, the CBN governor, further stressed that the, “currencies are available; we hold at least, three meetings every week with the banks. But on the basis of month-on-month CPI, we still found out that inflation was still going on both the headline and all that. Emefiele further disclosed that First Bank of Nigeria Plc, collected the highest stamp duty, which he said amounted to N71.6 billion. Let’s not forget, the super agents are like kiosks, shops, and stalls in your community. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended. They also called on President Muhammadu Buhari to intervene in the matter.

The Senate has again appealed to the Central Bank of Nigeria, CBN, to extend the deadline for the withdrawal of old naira notes from circulation to July 31, ...

The Red Chamber also urged the CBN to compel commercial banks to open naira exchange windows for those without bank accounts to exchange their old naira notes. The Senate has again appealed to the Central Bank of Nigeria, CBN, to extend the deadline for the withdrawal of old naira notes from circulation to July 31, 2023. The Senate, therefore, asked the CBN to extend the deadline by six months to allow Nigerians especially those in rural areas more time to change their old notes.