Senate backs CBN on naira redesign, to provide support

The Senate has resolved to provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes. The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes.

Majority of Senators across party lines support the redesign of the naira but some of them are concerned about the deadline set by the apex bank for the old notes to be deposited in commercial banks.

Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

They want the CBN Governor, Godwin Emefiele to provide further clarification on these issues. They also worried about the effect of this policy on those in the rural areas and the unbanked.

The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.

Emefiele on October 26, 2022 announced that the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.