The Nigerian Senate has urged the Central Bank of Nigeria, CBN, to extend the mop-up of old Naira notes to 31st July 2023.
The call for a fresh extension was a fallout of a motion sponsored by The Senator Sadiq Suleiman Umar representing Kwara North Senatorial district on Tuesday, 24th January 2023.
Stating that: “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 upper legislative Chamber through an adopted resolution arrived at the new deadline after a thorough debate.
This was against the backdrop of the earlier resolution in December 2022 which the lawmakers said, was jettisoned by the Apex bank.
The redesign has been trailed by heavy criticisms, citing the timing as insensitive as a result of the general election coming up next month.
