The Senate has called on the Central Bank of Nigeria (CBN) to extend the deadline for discontinuation of the use of old naira notes from January 31, 2023.
The legislative chamber also urged the CBN to extend the deadline to June 30, 2023.
The call followed the adoption of a motion by Ali Ndume, senator representing Borno-south, during plenary.
Ndume cited orders 41 and 51 of the Senate standing rule to seek the leave of the Senate to move a motion on the urgent need to extend the circulation period of the old naira notes.
He pointed out that the notice given by the CBN was too short, considering the limited number of banks in Borno and Yobe, and the inability of people in those states to lodge the old notes in time to meet the deadline.
Ndume said ending the circulation of the old naira notes by end of January would impose serious hardship on Nigerians.
“This senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of January 31,” Ndume said.
“Some Nigerians are already envisaging long queues in the banking halls across the country as a result of people trying to get access to the new naira note.
“The old notes are expected to be in circulation along the new ones until January 31 when the old ones are expected to be phased out.
“It is expected that many Nigerian businesses will start rejecting the old notes as soon as banks start paying redesigned notes to customers.”
The motion was seconded by Adamu Aliero, senator representing Kebbi central, who said, “the timing needs to be extended to allow every Nigerian to play his/her role. I support the motion that this withdrawal date is extended to June 30, 2023.”
