By Ignatius Okorocha
The Senate has, again, asked the Central Bank of Nigeria (CBN) to immediately extend the deadline for the withdrawal of old naira notes in circulation to July 31, 2023.
Recall that the apex bank had, on December 15, commenced circulating newly redesigned N200, N500 and N1000 notes and scheduled January 31st, 2023 as deadline for the withdrawal of old notes.
The Upper chamber had in December 2022 directed the CBN to extend the deadline but the resolution was shunned by the apex bank.
There strong indications that CBN withdrawal threat of old Naira notes has caused panic in many parts of the country as the deadline draws nearer, with thousands, especially those in rural areas storming banks to exchange the old notes with the new ones.
Senators, during debate on a motion sponsored by Senator Sadiq Suleiman Umar (APC, Kwara) at Tuesday’s plenary, said the new Naira notes were not enough in circulation, warning that if the deadline was not extended, there would be chaos in many parts of the country.
The lawmakers also expressed dismay that the CBN had insisted on the January 31 deadline despite huge public outcries.
The Senate, therefore, asked the CBN to extend the deadline by six months to allow Nigerians especially those in rural areas more time to change their old notes.
The Red Chamber also urged the CBN to compel commercial banks to open naira exchange windows for those without bank accounts to exchange their old naira notes.
Seconding the motion, Senator George T Sekibo( Rivers East) lamented that most rural dwellers have been subjected to untold hardship trying to access the new Naira notes.
He wondered how the 31st deadline given by CBN can come to fruition with the none availability of the new Naira notes in circulation.
Also Contributing to to the motion Senators Mohammed Alero, Mohammed Ali Ndume and others threw their weight behind the call for extension of deadline for withdrawal of old Naira notes.
The only descending voice in the support to the call for extension of the old Naira notes is Senator Sam Egwu( Ebonyi North) who argued that CBN should go ahead with the January 31st deadline for withdrawal of old Naira notes.
In his remark, Senate President Ahmad Lawan, assured that the National Assembly leadership would ensure that the Upper chamber’s resolution on extension of the old Naira notes is extended to January 31 implemented by the CBN.
