The Senate and House of Representatives have again asked the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation to July 31, 2023 with immediate effect.
The circulation of the new currency which was released by the Apex bank on December 15th with the newly redesigned N200, N500 and N1,000 notes and set January 31, 2023 as deadline for the withdrawal of old notes.
The Red Chamber had in December 2022 directed the CBN to extend the deadline but the resolution was shunned by the apex bank which on Tuesday insisted that no going back on the deadline.
This has however, caused panic in many parts of the country as the deadline draws nearer, with thousands, especially those in rural areas, storming banks to exchange the old notes with the new ones.
Meanwhile, Senators, during a debate on a motion by Sadiq Suleiman Umar (APC, Kwara) at Tuesday’s plenary, said the new notes were not enough in circulation, warning that if the deadline was not extended, there would be chaos in many parts of the country.
The lawmakers also expressed dismay that the CBN had insisted on the January 31 deadline despite huge public outcries.
The Senate, therefore, asked the CBN to extend the deadline by six months to allow Nigerians especially those in rural areas more time to change their old notes.
The Red Chamber also urged the CBN to compel deposit money banks to open a naira exchange windows for those without bank accounts.
Senate President Ahmad Lawan, assured that the National Assembly leadership would ensure that the resolution is implemented by the CBN.
Also, the House of Representatives has also called on CBN to review its policies on the redesigned notes and the January 31st deadline.
The call followed the adoption of a motion of urgent public importance moved by Sada Soli Jibia at the plenary on Tuesday.
Presenting the motion, the lawmaker said the CBN should bring its policies closer to realities than assumptions.
Soli Jibia further stated that some of his constituents have never seen the new Redesigned naira notes that explains how scarece the currency is in circulation.
He said, “In global best practices, currencies are phased out, not forced out. Thus, adequate time is required for this policy to be successful.
“The policy, though a good one, it is not fair for the incoming government which requires a smooth transition that will help to promote sound financial system in the country.
“Coercing the people to accept the CBN policy within a short time frame will cause monetary challenges and impact negatively on the micro-economic activities across the country.”
The House therefore urged the CBN to extend the implementation of the cashless policy to at least one year as well as review the daily withdrawal limit and charges therefrom.
It also urged the apex bank to make the new redesigned N200, N500 and N1000 notes available to Nigerians.
It called on President Muhammadu Buhari to intervene on the insistance of the CBN on the right deadline for the implementation of the cashless policy and phasing out of the old notes.