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 31st, next year.
The recommendation follows a motion by the senator representing Borno South, Ali Ndume, raising the alarm over the January 31 deadline.
According to the senator, 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, announced a “redesign” of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
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.