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Senate asks CBN to extend use of old Naira notes by six months

The Nigerian Senate on Tuesday urged the country’s apex bank to extend the use of old Naira notes till June 30, 2023

This resolution followed Senator Sadiq Umar Sulaiman of Kwara North’s motion on the use of Naira notes.

The Informant247 gathered that the Upper Chamber had on December 28, 2022 advised the CBN to extend the phasing out of old currency notes scheduled for January 31, 2023 for six months.

However, the CBN has vowed to go ahead with its January 31, 2023 deadline.

Senator Sulaiman said the call has become necessary in view of the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.

He insisted that the redesigned notes are scarce and not available for those wishing to change their money to the new notes.

Senators in their contributions supported the motion except for Senator Sam Egwu (PDP- Ebonyi North).



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