Old Naira Notes: Senate Seeks Extension Of CBN Deadline

The Senate has urged the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31st to June 30th, 2023.

The recommendation follows a motion by the senator representing representing Borno South, Ali Ndume raising the alarm over the January 31st deadline.

According to him, the notice given by the CBN is too short, considering the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.

The CBN Governor, Godwin Emefiele on October 26, 2022 announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

The apex bank believes the redesigned notes will limit cash in circulation and therefore restrict the deplorable activities of ransom-demanding kidnappers as well as politicians set on rigging the upcoming elections.

President Muhammadu Buhari, in November, unveiled the redesigned naira notes as proposed by the CBN, marking the first time in 19 years since Nigeria’s last currency redesign.

-Channelstv

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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