The Nigerian Senate has adopted another resolution for the extension of the time frame for the exchange of the old Naira notes with new ones.
Sitting on Tuesday, January 24, 2023, the Senate, through an overwhelming supported motion directed the Central Bank of Nigeria, CBN to, as a matter of public concern, extend the date for the exchange of the old Naira notes to 31st July 2023.
The motion was sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district.
According to the lawmaker, “the new notes were not enough in circulation”, warning that if the deadline was not extended, there would be chaos in many parts of the country.
Following rigorous debate on the matter the upper legislative Chamber adopted a resolution for a new deadline
The call for a fresh extension was a fallout of the concerns of the lawmakers that the time CBN gave was not enough for the new notes to properly circulate.
Recall that the senate had on Wednesday, December 28, 2022, appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation from January 31, 2023 to June 30, 2023.
The appeal was sequel to the adoption of a motion raised by Ali Ndume, senator representing Borno-south, during a plenary session. Todays motion by the Senate is making it the second.
