CEM REPORT, FINANCE | Ahead of the January 31st deadline for old naira notes withdrawal the Nigerian Senate has urged the Central Bank to extend the deadline by six months.
The Senate said it was necessary to extend the deadline as most Nigerians transact with cash.
The Senate made the call during Tuesday’s plenary session which was chaired by Senate President Ahmad Lawan.
“The Central bank should immediately extend the use of the old notes by six months from January 31st to July 31st 2023 with immediate effect.”
The senate also urged the CBN Governor, Godwin Emefiele, to direct banks to open an exchange window where people who don’t have a bank account can exchange their old notes with new notes.
“The Governor should compel banks to open an exchange window where people who don’t have a bank account can exchange their old notes with the new note.”
The senate in explaining its motive for the extension noted that policies to protect the unbaked must be put in place.
“In most parts of Nigeria, there are no banks & our people transact in cash most often than not. There is no doubt that we must have a policy of inclusion in getting our people who have no banks available to them and the CBN can have a special program for that.
“We must have policies by the CBN to ensure that we have branches of banks established more in our rural areas.”
Recall that the Nigerian Central Bank announced the launch of a Cash Swap Programme for rural and underserved areas, which took effect from Monday, January 23, 2023.
CBN stated that agents shall exchange a maximum of N10,000 per person.