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BREAKING: Senate urges CBN to extend Naira notes deadline

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BREAKING: Senate urges CBN to extend Naira notes deadline

The Senate on Tuesday again urged the Central Bank of Nigeria (CBN) to extend the use of old Naira notes till June 30, 2023.

This followed a motion on naira redesign moved by Senator Sadiq Sulaiman (APC-Kwara North) on the floor.

The Upper Chamber on December 28, 2022, advised the CBN to extend the phasing out of old currency notes scheduled for January 31, 2023, for six months.

However, Central Bank has vowed to go ahead with its January 31, 2023 deadline.

Senator Sulaiman said the call has become necessary in view of the financial hardship the “rushed” phasing out of the old Naira notes would inflict on Nigeria, especially the rural populace, who don’t readily have access to banking facilities.

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He insisted that the redesigned notes are scarce and not available for those wishing to change their money to the new notes.

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