The Senate has resolved to provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes.
The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign those naira notes meant for redesigning.
Though the Senators threw their weight behind the move to redesign the Naira, but not too comfortable with the deadline of January 31st, 2023 to pay all cash in circulation into banks, saying the period was too short.
The Senators who called for aggressive enlightenment on the part of the CBN especially in the rural areas to ensure that all Nigerians are made aware of the new policy, however insisted that such mass awareness creation would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.
They urged CBN to put measure in place to ensure that the local populace are able to bank their cash with ease within the stipulated time, adding that the security of the local population should also be guaranteed.
Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.
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They want the CBN Governor, Godwin Emefiele to provide further clarification on these issues.
The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.
They also encouraged Nigerians and the general public to comply with the CBN directives to deposit cash at their respective commercial banks within the timeline.
The lawmakers, however, resolved to support the decision of the CBN, given the benefits of the currency redesign to the nation.
Emefiele had on October 26, 2022 announced that the apex bank will issue redesigned N200, N500, and N1,000 notes.
Expected to be in circulation from December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.