Naira Notes: National Assembly Calls For Six Weeks Extension

The National Assembly has tasked the Central Bank of Nigeria (CBN) for an extension to the deadline for the expiration of old N200, N500 and N1,000 notes by six months.

The House of Representatives and the Senate made the demand at a separate sitting on Tuesday in Abuja.

At the green chamber, a member of the House, Sada Soli said for the policy to be successful, it must not be overbearing on the citizens.

The lawmaker expressed concerns that businesses are already rejecting the old currencies, while banks are complaining of shortage of the new notes.

The House commended the policy of the apex bank but said its implementation is too abrupt and will be unfair to the incoming government.

The House also wants President Muhammadu Buhari to intervene and prevail on the CBN.