The Central Bank of Nigeria, CBN, has once more been requested to extend the deadline date for the removal of obsolete naira notes from circulation to July 31, 2023 by the Senate and House of Representatives.
The newly redesigned N200, N500, and N1,000 notes went into circulation on December 15, and the apex bank set a deadline of January 31, 2023 for the withdrawal of the previous notes.
The Red Chamber had instructed the CBN to extend the deadline until December 2022, but the central bank rejected the resolution and stressed on Tuesday that there would be no going back on the deadline.
As the deadline approaches, this has generated fear throughout the nation. Thousands, particularly those in rural areas, have flocked to banks to exchange their old notes for new ones.
Senators warned that if the deadline was not extended, there would be mayhem over much of the nation during a debate on a motion by Sadiq Suleiman Umar (APC, Kwara) on Tuesday during plenary.
In addition, the MPs expressed disappointment that the CBN had maintained the January 31 deadline in spite of strong public protests.
In order to give Nigerians, particularly those in rural areas, additional time to exchange their old notes, the Senate consequently requested from the CBN an extension of the deadline of six months.
Additionally, the Red Chamber requested the CBN to mandate deposit money banks establish naira exchange windows for people without bank accounts.
The leadership of the National Assembly has pledged to see to it that the CBN carries out the resolution, according to Senate President Ahmad Lawan.
Additionally, the CBN has been urged by the House of Representatives to reconsider its guidelines for the revised notes and the January 31st deadline.