The Senate has requested the Central Bank of Nigeria (CBN) to postpone until June 31st, 2023, the deadline for the phase-out of the old N1,000, N500, and N200 notes.
The advice comes in response to a motion made by Senator Ali Ndume of Borno South.
Given the “few” banks in Borno and Yobe states and the “inability” of residents of these states to deposit the old notes in time to meet the deadline, he claims that the CBN’s notice is too short.
On October 26, 2022, CBN Governor Godwin Emefiele announced the redesign of the three bank notes and stated that the new and old currencies would continue to be accepted as legal currency and circulate side by side until January 31, 2023.
The central bank is confident that the revised notes will reduce the amount of cash in circulation, which will stop politicians from rigging next elections and ransom-demanding kidnappers from engaging in their despicable activities.
The CBN’s redesigned naira notes were unveiled by President Muhammadu Buhari in November, marking the first time in 19 years since Nigeria’s last currency overhaul.