The Senate, again on Tuesday, urged the Central Bank of Nigeria (CBN) to extend the deadline for phasing out the old Naira notes to June 30, 2023.
The request 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 by about six months the phasing out of old currency notes scheduled for January 31.
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 do not 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).