Following the redesign of the 1,000; 500 and 200 denominations of the naira, the Nigerian Senate on Wednesday resolved that the Central Bank of Nigeria (CBN) should extend the deadline for the phase out of some naira notes till June 30, 2023.
The CBN has set a January 31 deadline to withdraw the old notes from circulation.
The policy has since generated controversy with many stakeholders berating the decision as politically-motivated and unrealistic. National elections, often heavily cash-induced, are due by February 25, according to electoral body INEC.
The CBN has maintained that its cash limit policy were devoid of political interference and was meant to salvage the country’s economy from persons who have hoarded over 80 per cent of the currency out of bank vaults, apparently for criminal enterprises.
Citing Orders 45 and 51 of the Senate Rule, Senator Ali Ndume (APC-Borno) moved a motion to extend the circulation of the old notes. The motion was seconded by Senator Adamu Aliero (APC-Kebbi).
Mr Ndume argued that the time for the withdrawal of old notes from circulation was too short, especially for his constituents in southern Borno, where years of insurgency has limited the availability of banks.
