Senate Backs CBN’s Redesigning Of Naira Notes

The senate has promised to give a legislative backing for the Senate on its planned introduction of N200, N500 and N1,000 naira notes to replace the existing ones on December 15.

The resolution followed a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other financial institutions, Senator Sani Uba.

The Senate gave the backing, after a rowdy session, following the opposition of some of senators to the policy.

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Buhari Says No Going Back On CBN’S Redesigning Of Naira Notes

Amidst the rowdy session, the Deputy Senate President, Ovie Omo Agege, had to appeal to the restive Senators to restore normalcy in the Senate.

The senators later supported the move to redesign the naira, but wants the apex bank to extend the deadline of January 31st, 2023, saying the timeline given for payment of all cash in circulation into banks was too short.