By Chisaa Okoye (Business reporter)
The Nigeria Senate has resolved to provide legislative backing to the Central Bank of Nigeria (CBN) for the redesign of three naira notes – N200, N500 and N1,000.
The Red Chamber made the resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s plan to redesign the three naira notes.
Although majority of Senators across party lines supported the naira redesign but some of them raised concerns about the deadline set by the CBN for the old notes to be deposited in commercial banks.
The legislators also questioned the impact of the redesign of the naira note on the economy; whether it will help check the inflation rate and the dwindling value of the naira. They also sought to know the effect of the naira redesign policy on rural dwellers and the unbanked.
The Senators want the CBN Governor, Godwin Emefiele to provide further clarification on these issues.
Consequently, the Senators mandated its Committee on Banking to carryout aggressive oversight to ensure that Nigerians are protected during this exercise.
The CBN on October 26, 2022 announced that it will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022. It stated the new and existing currencies will remain legal tender and circulate together until January 31, 2023.