Thu. Jan 26th, 2023

NASS asks CBN to extend the deadline on old naira notes by six months

The National Assembly has urged the Central Bank of Nigeria (CBN) to extend the deadline for the expiration of old two hundred, five hundred and one thousand naira notes by six months.

The House of Representatives and the Senate made the demand at a separate sitting yesterday.

A member of the House of Representatives, Mr. Sada Soli said that for the policy to be successful, it must not be overbearing on the citizens.

The Lawmaker expressed concerns tht business people are already rejecting the old currencies, while banks are complaining of shortage of the new notes.

The House however, commended the policy of the Apex bank but noted that its implementation is too abrupt and will be unfair to the incoming government.

The House also enjoined President Muhammadu Buhari to intervene and prevail on the CBN to extend the deadline.

Meanwhile, the House has set up an adhoc committee to meet with the managing directors of commercial banks and the CBN Governor, Mr. Godwin Emefiele over complaints of shortage of the new notes.

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