The National Assembly, Tuesday urged the Central Bank of Nigeria, CBN to extend the mop-up of old Naira notes to 31st July 2023.
This was against the backdrop of the earlier resolution in December 2022 which the lawmakers said, was jettisoned by the Apex bank.
On Tuesday, January 24 the resolution was passed on the floor of the senate and house of representatives .
While moving the motion on the floor of the green chamber, Sada Soli,a Katsina lawmaker, said the old naira notes should be “phased out and not forced out”.
“Banks and POS outlets are struggling with a shortage of the redesigned new naira notes ahead of the CBN deadline of January 31, 2023, consequently making it difficult for them to comply with the CBN directives as regards availability of the new notes for customers,” he said.
“despite several concerns and appeals by the national assembly, governors forum, the Bank Customers Association of Nigeria, and other stakeholders for CBN to extend the period for the swap of the new naira notes, the apex bank has “remained adamant”. he added
Femi Gbajabiamila, speaker of the house, said “certain things should have been put in place” before the policy was reeled out.
He said that based on available reports, there is a need to review the policy — and that does mean a “failure” on the government’s part because even courts reviews its judgment.
After the adoption of the motion, the house set up an ad hoc committee chaired by Alhassan Doguwa to meet with managing directors of banks on Wednesday January 25, to ascertain if banks were hoarding the notes .
