Tuesday, February 7, 2023

Senate to CBN: Extend old naira note deadline to July 31

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Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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The Senate has urged the Central Bank of Nigeria, CBN, to extend the withdrawal date of the old naira notes from Jan. 31 to July 31.

The upper chamber also urged the CBN to open an exchange window where people that don’t have bank accounts to deposit their old notes to do so.

The senate’s resolutions were sequel to a motion by Sen. Sadiq Suleiman (APC-Kwara) during Tuesday’s plenary.

Moving the motion, Suleiman recalled that the Senate in it’s resolution on Dec. 28, 2022, urged the CBN to extend the use of the old notes from Jan. 31 to June 30.

He said that however, the apex bank had insisted on terminating the use of the old naira notes by end of Jan.

Mr Suleiman lamented that there was no enough new naira notes in circulation and as such, moved that the date should be extended to July 31.

He said: “Experiences around the world have shown that such abrupt decision if not controlled usually created chaos.

“The Senate should extend the use of the old notes to July 31,” he said.

Supporting the motion, Sen. Ibrahim Hadejia (APC-Jigawa) said that the call for extension was for their constituents and not for their (lawmakers) personal benefits.

“In my constituency, no Automated Teller Machine (ATM) is dispensing the new notes.”.

Similarly, Sen. Adamu Aliero (PDP-Kebbi) said that the the policy would inflict untold hardship on people living in the rural areas.

“The CBN governor should be invited,” he said.

Sen. Adamu Bulkachuwa (PDP-Bauchi) said that the extension was necessary otherwise there would be chaos.

Sen. Biodun Olujimi (PDP-Ekiti) who decried that in her local government area, about 90 per cent of the people have not seen a glimpse of the new naira notes, called on the apex bank to “look away from the elections”.

She said that if the date was not extended, it would lead to collateral damage which would not augur well for the economy.

Sen. Mohammed Ndume (APC-Borno) called on the Senate to use its oversight responsibility on the CBN to “order the the CBN governor to extend the date”.

He said that the power of the senate should not be played down calling on the senators to stand firm on the call for extension.

For Sen. Sam Egwu (PDP-Ebonyi) who was the only senator who opposed the motion, “Nigerians do not have the culture of keeping their money in the bank.

“It is in Nigeria where cash is used arbitrarily; other countries use electronic means.

“Nigerians are just averse to change,” Mr Egwu said.

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  1. Honestly, I support the motion that the deadline should be shifted, Because of the reasons above:
    Firstly, the new note has not yet circulated in the country.
    Secondly, using electronic mean in the country can’t be okay, due to poor networking. And more

  2. I agree with the extension because the new notes is not in circulation. Until yesterday some banks are giving customers old notes. So what do we do?

  3. These motion above most be considered, no matter how if you go to banks and POS you can see how people are suffering. Some can take 2 to 3days for deposit a small money.

  4. I agree and support the motion of old notes- extension policies as the new notes are yet in circulation totally, even though our corporation, matters as a citizens

  5. Let’s the Senate ask CBN what is the actual amount of new note circulating. This is a something we suppose to now.is just like CBN are playing with our intelligence.

  6. Seriously people are suffering throughout going up and down in the banks
    In my community I don’t see much of the naira notes 😕

  7. Let the present administration follow the way of the former administration follow when they changed one hundred naira note off to now old hundred naira note are use and people are not complain about it.pls pls pls pls !!!!!!?? our senators our hope let posed CBN to extend the date

  8. Our respective senators and reps we are extremely believe in you that you’ll do as much as you can to see that this issue of collecting old notes were been shifted or extended to some months to reduce the suffering, hardship to your citizens. the problem is that new notes are not yet ready in some localities and of about 50 percent or above of Nigerians they don’t have foods at hand, they only use to go and buy at their respective markets. People are psychologically disturbed. We hope that our request will be seen and considered.

  9. Well commendable motion great Senators,please adhere to it so that Nigerians will not suffer unnecessary hardship due to sentiment of few ones

  10. Sincerely speaking i supported the motion that the deadline should be shift up 31 June 2023 for the people in the romote area have the ability and tendency to overcome all or some of their problems because they’re the people who are going to suffer from this episode. Thank you

  11. I think a serious ruling party going into an election in few days would not make the citizens go into the untold hardship we are now experiencing. People are seriously suffering in banks and filling stations. The government should urgently do something about this unfortunate situation they put us into 🤔

  12. Honestly,most of our country people both the rural and citizens are suffering to get the new # note. We hope that, the stakeholders would do their best to extend the time given.

  13. This particular issue of new naira may cause distraction on the upcoming general election and lead to destruction of property. So i urge the CBN governor to look carefully on the motion raised on the extension cause i see no reason were banks still dispence old naira and u expect the masses to have new note, where are we rushing to please let’s take gradual aspect circulation Mr CBN governor

  14. The worse part of it is that, the new Naira note are not in circulation and the banks are dispensing the old note, indeed our rulers (NOT LEADERS) are too harsh especially the president and the CBN governor they don’t want see our happiness.
    But, surely the Almighty Allah will punish rulers like you, who are cheating their followers.
    Allah ya isanmu!!!!

  15. To extend is better because most of the rural areas they were not know this change of currency.And still the Bank have nothing enough to change for their costumes.

  16. Yes the Senate should stand firm on the extension of the old notes dateline due to insufficient circulations of the new notes across the country

  17. To extend is better because most of the rural areas they were not know this change and still the Bank give out not new note. As for transferring mode there are place in Nigeria still battling with Network issue..

  18. CBN Governor don’t want to see people happiness but God is helping Nigeria from everyproblem so ( CBN Governor you can go and arrested the Senate now for good job there are doing for Nigeria ok I know by theSpecial grace of God before 31st July everything will be ok for Nigeria thank you Senate member for your good work today remain bless.

  19. I 100% supported the motion of extending the deadline of collecting old naira notes. People are suffering from this policy. Senate should look into it, as it deserved.


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