JUST IN: Senate Reveals Position On CBN’s Naira Redesign

JUST IN: Senate Reveals Position On CBN’s Naira Redesign

The Senate has agreed to give the Central Bank of Nigeria (CBN) legislative support for the redesign of the N1,000, N500, and N200 naira notes.

The upper chamber passed this resolution following a heated debate over Senator Uba Sani’s motion on the CBN’s policy of redesigning the three naira notes.

The majority of Senators from both parties support the redesign of the naira, but some are concerned about the deadline set by the apex bank for the deposit of old notes in commercial banks.

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Lawmakers also questioned the impact of the redesigned naira note on the economy, specifically whether it will help reduce inflation and the naira’s dwindling value.

They want the CBN Governor, Godwin Emefiele, to clarify these issues further.

They were also concerned about the impact of this policy on rural residents and the unbanked.

As a result, the Senate mandated its Banking Committee to conduct aggressive oversight to ensure that Nigerians are protected during this exercise.

Emefiele announced on October 26, 2022 that the apex bank will issue redesigned N200, N500, and N1,000 notes beginning December 15, 2022, with the new and existing currencies remaining legal tender and circulating concurrently until January 31, 2023.

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