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Nationwide Meeting asks CBN to increase deadline to be used of outdated naira banknotes till July

National assembly asks CBN to extend deadline for use of old naira notes till July

The Nationwide Meeting has requested the Central Financial institution of Nigeria (CBN) to increase the deadline for eradicating outdated naira banknotes from circulation.

In October 2022, CBN Governor Godwin Emefiele introduced the Naira Overhaul Coverage which includes the issuance of latest naira banknotes to exchange the present N200, N500 and N1000 sequence.

The CBN stated the N100, N50, N20, N10 and N5 notes will proceed to be in circulation whereas the present N200, N500 and N1,000 naira notes will stop to be authorized tender within the nation after January 31, 2023.

On Tuesday, January 24, the decision handed on the ground of the Senate and Home of Representatives.

Whereas transferring the movement to the ground of the Inexperienced Room, Sada Soli, a Katsina lawmaker, stated outdated naira notes must be “eliminated and never pressured”.

“Banks and shops are grappling with a scarcity of latest reissued naira notes forward of the CBN deadline of January 31, 2023, making it troublesome for them to adjust to CBN tips relating to availability of latest tickets for purchasers,” he stated.

“Regardless of a number of considerations and calls from the Nationwide Meeting, Governors Discussion board, Affiliation of Banking Clients of Nigeria and different stakeholders for the CBN to increase the interval for the change of latest naira notes, the apex financial institution “remained adamant”, he added

Femi Gbajabiamila, the home’s president, stated “some issues ought to have been put in place” earlier than the coverage was unveiled.

He stated that based mostly on the reviews obtainable, there’s a have to evaluation the coverage – and which means “failure” on the a part of the federal government as a result of even the courts are reviewing its judgement.

After the adoption of the movement, the chamber arrange an advert hoc committee chaired by Alhassan Doguwa to satisfy with the managing administrators of the banks on Wednesday, January 25, to examine whether or not the banks had been hoarding the banknotes.

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