The Senate has urged the Central Bank of Nigeria to urgently extend the withdrawal date of old currency notes from January 31 to June 30, 2023.

The Senate resolution was sequel to a point of order raised by Sen. Mohammed Ndume (APC-Borno) during the plenary on Wednesday.

The CBN had on October 26, announced plans to redesign the 200, 500, and 1,000 naira notes.

Raising Orders 41 and 51 of Senate Standing Rule, Ndume said that the call for extension of the date should be considered as a matter of urgent national importance in order to forestall imminent hardship on Nigerians.


Ndume said, “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.

“Some Nigerians are already envisaging long queues in the banking hall 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 to rig the old notes as soon as banks start paying redesigned notes to customers.”

The lawmaker also said that access to the new notes would be compounded by recent circular by the CBN which limited the amount of cash withdrawal by corporate entities to withdraw within certain period of time.

He stated, “The withdrawal of old notes from circulation if not extended beyond 31, many Nigerians will be thrown into hardship and to avoid the repeat of 1984 experience withdrawal of old notes.”

Contributing Senator Adamu Aliero (PDP-Kebbi) said that it was true that in rural areas, people were not even aware that there was going to be currency change.

“So this motion is very apt and timely. If we insist on the date given by CBN, it will cause a lot of hardship for our rural dwellers.

“Majority of our people live in rural areas where there are no banks and PoS. It is appropriate we extend the time as suggested in the motion,”Aliero said.

Source: https://punchng.com/Naira-redesign-Senate-seeks-deadline-extension--to-June

Nice one from the senate, the January deadline isn't feasible

Without even the senate talking, am sure the CBN knows they cant meet up wt dt timeline, especially wen ATM is stil giving out the old note...
I.O.T

Look at disconnections at every level in the country.

Common leadership u guys cannot deliver!? Or get it right. Una just dey play, dey play dey go.

28th December, Nigerian ATMs inside bank premises in Abuja, federal capital Territory is still vomiting the old very dirty 1000 notes!

Nawa

where is emiefele

God1000:
Nice one from the senate, the January deadline isn't feasible

I think the deadline should be maintained. You can't extend when you still have 4 weeks before the deadline. They can start talking about extension like a week before deadline.

Ndume speaking for Boko Haram

Bunch of thieves and vipers. There is no going back on the naira redesign

The reason why the CBN fixed January 31st as deadline is to know the wicked politicians who have stack the old naira notes in their bullion vans at home.

This CBN governor has to be the most annoying person to ever run that institution.

Up till now, even commercial bank ATMs still dispense the old cash.

How did Emefiele become the MD of Zenith Bank because that man seems to know nothing?

SmartPolician:
This CBN governor has to be the most annoying person to ever run that institution.

Up till now, even commercial bank ATMs still dispense the old cash.

How did Emefiele become the MD of Zenith Bank because that man seems to know nothing?

Consequence of quota system and tribalism.

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Noted.

Unserious Country

Why can’t they just leave the thing like that.

They still want to technically use the old billions of Naira notes fraudulently kept to buy votes during election. Emefiele should just ignore them.
January 31 deadline is okay for we citizen.

The fake notes in circulation nko?

Okay

It's obvious they are interested in election finance and nothing else.

When last did politicians fight for the interest of the common man in this country?

I stand with the CBN on this

Which problem will the extension solve that we can't solve between now and Jan deadline?

VeeVeeMyLuv:
Look at disconnections at every level in the country.

Common leadership u guys cannot deliver!? Or get it right. Una just dey play, dey play dey go.

28th December, Nigerian ATMs inside bank premises in Abuja, federal capital Territory is still vomiting the old very dirty 1000 notes!

Nawa

I dey tell you bro.

Person wey go first bank Lagos yesterday still collect old bank notes wey old pass Metusellah from counter.

Knew they gonna shift the deadline lol

Mumu people, Dem just dey rush for wetin no make sense.

We the people of Nigeria say NO to Vote Buying. If you know, you know, except you pretend not to know. The redesign and deadline dey choke corrupt politicians.

To after election so they can buy enough vote

we no go gree, dey are up to something

We are getting there!