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National Tribune

Flagging The Conscience Of Truth

NASS Seeks six-Month Extension for Deadline on old Naira Notes from CBN

ByWeb Manager

Jan 24, 2023

The CBN on Tuesday insisted that the deadline on old notes remained 31 January

The National Assembly, consisting of the House of Representatives and the Senate, has requested an extension of the deadline for the acceptance of old Naira notes from the Central Bank of Nigeria (CBN) until July 31st.

House of Representatives

The House of Representatives has decided to request an extension on the deadline for acceptance of old Naira notes due to a motion of urgent public importance moved by Sada Soli of the All Progressives Congress (APC) during plenary. Soli stated that financial institutions and banks are struggling to keep up with the demand for new notes and the shortage is causing panic among citizens. He also mentioned that despite appeals and concerns from the National Assembly, Governors Forum, Bank Customers Association of Nigeria, and other stakeholders for the Central Bank of Nigeria (CBN) to extend the deadline for currency swap and review the cashless policy, the CBN has not yet altered their deadline of January 31, 2023.

Soli argued that the CBN should phase out the old currency over a longer period, such as a year, to ensure the buy-in and support of the public for the policy to be effective. He also mentioned that traders in Katsina State have already begun rejecting the old notes.

Consequently, the House resolved to set up an ad hoc committee chaired by Alhassan Doguwa (APC, Kano), the majority leader, to interface with the banks on Wednesday and subsequently meet with the CBN.

Senate

The upper chamber of Nigeria’s legislature has called for an extension of the deadline for the implementation of a new policy, following a motion moved by Sodiq Umar of the All Progressives Congress. The motion argued that the policy is having negative effects on the people. In support, Abiodun Olujimi of the People’s Democratic Party stated that most Nigerians have not had the chance to use the new notes and the implementation timeline is too short. However, Sam Egwu of the PDP opposed the motion, stating that there was no evidence to justify the extension. Despite the lawmakers’ deliberation, the Governor of the Central Bank of Nigeria, Godwin Emefiele, announced that the bank will not change its decision.

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