Apparently perturbed by situation around circulation of new naira notes across the country, the Senate on Tuesday urged the Central Bank of Nigeria (CBN) to extend its usage till June 30, 2023.
This followed a motion on naira redesign moved by Senator Sadiq Sulaiman (APC-Kwara North) on the floor.
The Upper Chamber on December 28, 2022 advised the CBN to extend the phasing out of old currency notes scheduled for January 31, 2023 for six months.
However, the CBN has vowed to go ahead with its January 31, 2023 deadline.
Senator Sulaiman said the call has become necessary in view of the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.
He insisted that the redesigned notes are scarce and not available for those wishing to change their money to the new notes.
Senators in their contributions supported the motion except Senator Sam Egwu (PDP- Ebonyi North).