NASS Demands Six Months Deadline For Old Naira Notes

Following an outcry over the January 31st deadline the Central Bank of Nigeria (CBN) issued for use of old Naira notes as legal tender in the country, the National Assembly (NASS) has asked the apex bank to add six months to the initial deadline given to allow Nigerians gradually take the old notes to banks.

The National Assembly said numerous Nigerians will lose a lot of money should the CBN go ahead with the January 31st deadline, arguing that the new notes are not sufficient in circulation, thus posing danger to the already ailing economy.

Senator Ali Ndume, APC Borno South, said the new notes are not sufficient enough in circulation to support the economic life of the nation at the moment, hence the need for additional time to allow the new notes to trickle into the economy.

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“Apart from the new N1000 note, I have not seen other denominations printed as part of the new notes,” He said.

On the other hand, the House of Representatives said if the new Naira notes policy meant for the country is to be implemented successfully, the CBN must consider the plight and cries of Nigerians.

The Lower Chamber said it is concerned about the refusal of some businesses in the country to accept the old Naira notes in commercial transactions, while banks are complaining about the lack of new Naira notes dispense to customers.

The House requested President Muhammadu Buhari intervene in the matter to find a quick solution to it.

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The lawmakers established a committee to meet with the Governor of the Central Bank, Godwin Emefiele and other directors of banks regarding the complaints over the lack of new Naira currencies.

Earlier today, the governor of the CBN said the apex bank will not shift its ground on the January 31st deadline it allowed for the use of old N1000, N500 and N200 notes as legal tender in the country following redesigning of the notes.


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