Thu. Nov 17th, 2022


The Senate has resolved to provide legislative support to the Central Bank of Nigeria, CBN, for the redesign of the one thousand, five hundred and two hundred naira notes.

The Upper Chamber made the resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes.

Reports say majority of Senators across party lines supported the redesign, while some showed concern about the deadline set by the CBN for the old notes to be deposited in Commercial Banks.

It also revealed that the Senate mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during the exercise.

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