The Senate yesterday expressed its support for the Central Bank of Nigeria (CBN) policy to redesign the higher denominations of the naira notes.
Giving its approval in a resolution during plenary yesterday, the lawmakers promised to provide legislative support for the policy.
This followed a motion after a heated debate moved by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Sani Uba.
The CBN had on October 26, announced plans to redesign the N200, N500 and N1,000 notes.
CBN Governor, Godwin Emefiele, who announced the plan, had explained that the decision was made to take control of the currency in circulation, as well as other security concerns.
While a majority of the senators across party lines support the redesign of the currency, some of them however expressed concerns over the January 31, 2023 deadline set by the CBN for the exchange of the old notes in the commercial banks, saying it was too short.
They also questioned the impact of the redesign of the notes on the economy, asking if it will help reduce inflation rate and the dwindling value of the naira.
They also urged the CBN to put measures in place in the face of ubiquitous financial technology (FinTech) to ensure those in the rural communities are able to deposit their cash with ease within the stipulated, adding that this would ensure the security of the local population who might be attacked and dispossessed of their cash by criminal elements like bandits and insurgents.
The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.
While a majority of the senators across party lines support the redesign of the currency, some of them however expressed concerns over the January 31, 2023 deadline set by the CBN for the exchange of the old notes in the commercial banks, saying it was too short.
