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Senate backs CBN on naira overhaul

Senate backs CBN on naira redesign

The proposed overhaul of the Naira by the Central Bank of Nigeria has won the support of the Senate.

During the plenary session on Wednesday, November 16, the Senate decided to give legislative support to the policy of the Central Bank of Nigeria (CBN) to recast the naira.

The resolution was taken after the Chairman of the Senate Banking, Insurance and Other Financial Institutions Committee, Senator Sani Uba, introduced a motion on the policy.

Lawmakers who backed the move to redesign the naira, however, said the January 31, 2023 deadline to pay all cash in circulation to banks was too short.

In addition to calling on the CBN to conduct aggressive policy clarification, especially in rural areas of the country, they also urged the CBN to put in place measures in the face of ubiquitous financial technology (FinTech) to ensure that local people are able to collect their money easily on time.

They said this would ensure that Nigerians in rural areas comply with the policy so as not to lose their hard-earned income, and would also ensure the safety of the local population who may be attacked and dispossessed of their money by criminal elements like bandits and insurgents. .

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