Senate backs CBN on Naira re-design, faults timeline for mop up of old notes


The Senate has promised to provide legislative support for the policy of the Central Bank of Nigeria to re-design the naira.

The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to re-design the N1,000, N500 and N200 naira notes.

While the lawmakers supported the move to re-design the naira, they however said the deadline of Tuesday, January 31ST 2023 to pay all cash in circulation into banks was too short.

Lawmakers also questioned the impact of the re-design of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

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