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Senate tells CBN to extend deadline for old naira notes till June



The Nigerian Senate on Wednesday asked the Central Bank of Nigeria (CBN) to extend the deadline of using the old naira notes as legal tender till June 30, 2023.

This is sequel to the redesigning of the 1,000, 500, and 200 notes, and the deadline of January 31 by CBN, to remove the old notes from circulation.

Though the policy was seen as ill-timed, others believe it will help curb the excesses of politicians during the coming National elections, which is often times heavily cash-induced.

But the CBN, maintained that its cash limit policy has nothing to do with politics or politicians and was meant to salvage the country’s economy from persons who have hoarded over 80 percent of the currency out of bank vaults, apparently for criminal enterprises.

Senator representing Borno-South, Ali Ndume, moved a motion to extend the circulation of the old notes, which was supported by Senator Adamu Aliero, of Kebbi Central.

According to Ndume, the time frame for the withdrawal of old notes from circulation needed to be longer, especially for his constituents in southern Borno, where years of insurgency has limited the availability of banks.

Therefore, The Senate urged CBN to extend the date for the implementation of its new cash policy.