Naira Redesign: Why January Deadline Should Be Extended — Senate

The Senate has given reasons why the January 31, 2023, deadline for phasing out the old naira notes should be extended.

During Wednesday's plenary, the Senate called on the Central Bank of Nigeria (CBN) to shift the deadline to June 31, 2023, as not doing so would throw Nigerians into more hardship.

Raising Orders 41 and 51 of the Senate Standing Rule, Senator Mohammed Ndume stated that the call for an extension of the deadline should be treated as a matter of urgent national importance to prevent imminent hardship for Nigerians.

"It’s expected that many Nigerian businesses will start to get rid of the old notes as soon as banks start paying redesigned notes to customers.

"The withdrawal of old [naira] notes from circulation if not extended beyond January 31, many Nigerians will be thrown into hardship and to avoid the repeat of 1984 experience withdrawal of old [naira] notes", he stated.

Supporting Ndume, Senator Adamu Aliero while saying what the former raised was true added that those residing in rural areas are unaware of the currency change.

“So this motion is very apt and timely. If we insist on the date [January 31] given by CBN, it’ll cause a lot of hardship for our rural dwellers", Aliero said.