Just in: Senate backs CBN on naira redesign

November 16, 2022
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 …to provide legislative support for the new policy

By Henry Umoru

THE Senate said on Wednesday that it would provide the legislative support for the new policy of the Central Bank of Nigeria (CBN) to redesign the Nigerian Naira.

Resolution of the Senate was sequel to a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba, APC, Kaduna Central.

Though the Senators threw their weight behind the move to redesign the Naira, but they were however not too comfortable with the  deadline of January 31st, 2023 to pay all cash in circulation into banks, saying the period  was too short.

The Senators who called for aggressive enlightenment on the part of the CBN especially in the rural areas to ensure that all Nigerians are made aware of the new policy, however insisted that such mass awareness creation would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.

They also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time, adding that such a measure of would also ensure the security of the local population who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents. 

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