Naira: Senate wants CBN deadline moved to July 31

The Senate on Tuesday appealed to the Central Bank of Nigeria to extend the deadline for the redemption of old naira notes from January 31 to July 31, 2023.

The central bank had said in October last year that the old naira notes would become legal tender from January 31.

The Senate passed a resolution in December urging the CBN to extend the deadline to June 30.

However, the CBN’s insistence on not revoking the deadline prompted Senator Sadiq Umar, (APC, Kwara North) to table a motion in the Red House plenary on Tuesday, demanding an extension until July 31.

Most of the senators who contributed to the debate overwhelmingly embraced the extension, citing shortages of new bills both at banks and at various ATM locations across the country.

Senate President Ahmad Lawan put the sentences in the motion to a vote and lawmakers voted to extend the deadline from January 31 to July 31.

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