The Senate has urged the Central Bank of Nigeria (CBN) to extend its deadline for the withdrawal of the old N1,000, N500 and N200 notes from January 31st to June 31st, 2023.
The recommendation follows a motion by the senator representing representing Borno South, Ali Ndume raising the alarm over the January 31st deadline.
Senator Ali Ndume cited Orders 41 and 51 to seek the leave of the Senate to move a motion on the urgent need to extend the withdrawal of old currency from circulation.
According to him, the notice given by the CBN is too short, considering the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.
Senator Adamu Aliero seconded the motion.
He said:
“The timing needs to be extended to allow every Nigerian to play his/her own role. I support the motion that this withdrawal date is extended to June 30th 2023.” – Senator Aliyu Wammako added.
The Senate to urged the CBN “ urgently extend the withdrawal date from 31st January to 30th June 2023.”
The CBN Governor, Godwin Emefiele on October 26, 2022 announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023.
