NASS Seeks Six-Month Extension For Old Naira Notes

The National Assembly has asked the Central Bank of Nigeria (CBN) to extend the deadline for the expiration of old N200, N500 and N1,000 notes by six months.

The House of Representatives and the Senate made the demand at a separate sitting on Tuesday.

At the green chamber, a member of the House, Sada Soli said for the policy to be successful, it must not be overbearing on the citizens.

The lawmaker expressed concerns that businesses are already rejecting the old currencies, while banks are complaining of shortage of the new notes.

The House commended the policy of the apex bank but said its implementation is too abrupt and will be unfair to the incoming government.

The House also wants President Muhammadu Buhari to intervene and prevail on the CBN.

The House also set up an adhoc committee to meet with the managing directors of commercial banks and the CBN Governor, Godwin Emefiele over complaints of shortage of the new notes.

On its part, the Senate said the policy should be extended as banks are still dispensing old naira notes because of insufficient new naira notes.

The Senators also lamented the hardship the policy is causing Nigerians as they said there are long queues at banks across the country because people are trying to deposit their old notes and get new ones.

Some legislators also asked the Senate to concur with the House of Representatives which had earlier called for an extension of the policy and compel the CBN Governor, Godwin Emefiele to extend the deadline.

The calls by the legislators coincided with a statement by the CBN governor who on Tuesday at the end of Monetary Policy Committee (MPC) meeting in Abuja said the apex bank’s January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.