Naira Redesign: Senate Backs CBN, Promises Legislative Support

By Ayodele Oni

There was a botched attempt by the Senate to extend the deadline for the redesign of the Nigerian currency, the Naira, by the Central Bank, (CBN)

Some lawmakers had called for the extension for the use of the present currency till April, 2023, to enable Nigerians make adequate preparations to receive the redesigned notes.

While the lawmakers supported the move to redesign the naira, they however said the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.

During a debate on a motion sponsored Senator Uba Sani (APC, Kaduna), some lawmakers, including Senator Orji Uzor Kalu, had called for the extension of the deadline to April 30, 2023, saying the deadline was too short.

But Senator Gabriel Suswan (PDP, Benue) disagreed with Kalu and others, saying the CBN Governor does not honour Senate invitations.

He urged his colleagues to ignore the CBN policy and let the country damn the consequences.

Senator Bassey Akpan stressed the need to support the CBN Governor. He said there should be no discussion on the matter.

Suswan and Akpan’s submissions did not go down well with the lawmakers seeking the extension of the deadline, causing the Red Chamber to degenerate into a rowdy.

It took the persistent appeals by Deputy Senate President, Ovie Omo-Agege, who presided over the plenary, to restore normalcy.

Following a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba, the red chamber agreed to give backing to the CBN on the new policy.

They called for aggressive enlightenment on the part of the CBN, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.

The senators insisted that such mass awareness would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.

They also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.

They said such a measure would also ensure the security of the local population who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents.

The Senate, after the debate, also resolved to provide legislative support for the CBN on the policy.