N’assembly asks CBN to extend deadline for use of old naira notes till July

Our reporter| The senate and house of representatives on Tuesday asked the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation.

The resolution was passed on the floor of the senate and house of representatives.

Godwin Emefiele, CBN governor, late last year announced the naira redesign policy which entails the issuance of new naira notes to replace the existing N200, N500 and N1,000 series.

The CBN said — N100, N50, N20, N10, and N5 notes — would continue to be in circulation while the current N200, N500, and N1,000 naira notes will cease to be legal tender in the country after January 31, 2023.

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Earlier on Tuesday, CBN governor, Godwin Emefiele ruled out extension for the withdrawal of the old naira notes.

Emefiele made the disclosure while addressing reporters at the end of the apec bank monetary policy committee meeting in Abuja.

More to follow…

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