Senate Urges CBN to Extend Old Naira Notes Deadline to July 31

The Senate on Tuesday appealed to the Central Bank of Nigeria (CNN) to increase the cut-off date for the alternate of vintage naira notes from the January 31 cut-off date to July 31, 2023.

The apex financial institution had on October closing year, stated the vintage naira notes might end to be criminal gentle as from January 31 however the Senate in December surpassed a decision urging the CBN to increase the cut-off date to June 30.

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However, involved through the insistence of the apex financial institution that there might be no such extension, Senator Sadiq Umar moved a movement at the ground of the pink chamber on Tuesday worrying the extension to July 31.

Most senators, who contributed to the debate, overwhelmingly embraced the extension, mentioning shortage of the brand new notes each withinside the banks and on the numerous automatic teller machine (ATM) factors throughout the country.

The President of the Senate, Ahmad Lawan, placed the prayers withinside the movement to vote and the lawmakers voted in guide of the extension of the cut-off date from January 31 to July 31.

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