The Senate says it will provide legislative support to the redesign of the country’s upper Naira denominations.
The decision followed a motion moved by Senator Uba Sani on CBN’s policy to redesign the N200, N500 and N1000 notes.
The Senators however told the CBN to make some clarifications on the issue such as the impact on the economy, inflation and the dwindling value of the Naira.
They sought to know the effect the Naira redesign would have on those in the rural areas and the unbanked.
The Senate then mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during the exercise.
The CBN Governor, Godwin Emefiele had on October 26, 2022 announced that the apex bank will roll out redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the existing currencies will remain legal tender until January 31, 2023.