Naira Redesign: Senate affirms move, says deadline too short

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National Assembly Sitting | File Photo

The Senate on Wednesday via a consensus has agreed to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.

The resolution of the Red Chamber was affirmed following a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.

However, despite supporting the move to redesign the naira, the lawmakers kicked that the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.

To ensure that all Nigerians are informed of the new policy, they demanded aggressive education on the CBN’s part, particularly in rural areas.


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