The Central Bank of Nigeria (CBN) has once more been requested to extend the cutoff date for the removal of obsolete naira notes from circulation to July 31, 2023 by the Senate and House of Representatives.
The newly redesigned N200, N500, and N1,000 notes went into circulation on December 15 and the previous notes were to be withdrawn by January 31, 2023, according to the apex bank.
The Red Chamber had instructed the CBN to extend the deadline until December 2022, but the central bank rejected the resolution and declared that there would be no going back on the date.
As the deadline approaches, this has generated fear throughout the nation. Thousands, particularly those in rural areas, have flocked to banks to exchange their old notes for new ones.
Senators warned that if the deadline was not extended, there would be mayhem over much of the nation during a debate on a motion by Sadiq Suleiman Umar (APC, Kwara) on Tuesday during plenary.
In addition, the MPs expressed disappointment that the CBN had maintained the January 31 deadline in spite of strong public protests.
In order to give Nigerians, particularly those in rural areas, additional time to exchange their old notes, the Senate consequently requested from the CBN an extension of the deadline of six months.
Additionally, the Red Chamber requested the CBN to mandate deposit money banks establish naira exchange windows for people without bank accounts.
The National Assembly leadership told Senate President Ahmad Lawan that they would see to it that the CBN carried out the resolution.
Additionally, the CBN has been urged by the House of Representatives to reconsider its guidelines for the revised notes and the January 31st deadline.
The demand came after Sada Soli Jibia's motion of urgent public concern was approved during the plenary on Tuesday.
The legislator who made the motion said the CBN should base its decisions more on facts than on presumptions.
He said, “In global best practices, currencies are phased out, not forced out. Thus, adequate time is required for this policy to be successful.
“The policy, though a good one, is not fair for the incoming government which requires a smooth transition that will help to promote a sound financial system in the country.
“Coercing the people to accept the CBN policy within a short time frame will cause monetary challenges and impact negatively on the microeconomic activities across the country.”
The House, therefore, urged the CBN to extend the implementation of the cashless policy to at least one year and review the daily withdrawal limit and charges therefrom.
It also urged the apex bank to make the new redesigned N200, N500 and N1000 notes available to Nigerians.
It called on President Muhammadu Buhari to intervene in the insistence of the CBN on the correct deadline for the implementation of the cashless policy and phasing out of the old notes.