The Senate Urges the Central Bank of Nigeria (CBN) to Extend the Deadline for Exchanging Old Naira Notes Until July 31st.

On Tuesday, the Senate made an appeal to the Central Bank of Nigeria (CBN) to extend the deadline for exchanging old Naira notes from the previously set date of January 31st to July 31st, 2023. This follows the CBN’s announcement in October 2020 that the old Naira notes would no longer be considered legal tender after January 31st, but the Senate passed a resolution in December 2020 requesting the deadline to be extended until June 30th.

On Tuesday, Senator Sadiq Umar moved a motion on the Senate floor requesting an extension of the deadline for exchanging old Naira notes to July 31st, 2023. The motion was brought forward due to concerns that the Central Bank of Nigeria (CBN) would not grant an extension, despite the scarcity of new notes in banks and at ATMs across the country. Most senators who spoke during the debate supported the extension. The President of the Senate, Ahmad Lawan, put the motion to vote and it was passed with the majority of lawmakers supporting the extension of the deadline from January 31st to July 31st.

More information to come…

Source: ThisDay Live

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