BREAKING: Senate Takes Decision On Redesign of Naira by CBN
…says January 31st, 2023 to pay all cash in circulation into banks too short.
The Nigerian Senate on Wednesday pledged to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.
Vondigest recalls that CBN Governor, Godwin Emefiele, had on October 26, announced the plan to redesign the Naira to control the money supply. According to him, the redesigned notes include N200, N500, and N1,000.
Emefiele stated that the new N200, N500, and N1,000 notes will go into circulation from December 15, while the current notes will cease to be legal tender by January 31, 2023.
It was gathered that the move was aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others.
The Senate’s resolution followed a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.
Despite supporting the move to redesign the naira, lawmakers pointed out that the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.
They called on the CBN to carry out aggressive enlightenment especially in the rural areas to ensure that all Nigerians are made aware of the new policy.
The upper legislative chamber insisted that such mass awareness would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.
The senators also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.
