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News/Events » Extend deadline: reps ask CBN for old note by: RobertGrant(m) .:. Tue, 24 Jan, 2023 - 05:44:19:pm GMT
The House of Representatives has asked the Central Bank of Nigeria to extend the deadline for accepting old naira notes by 6 months.

The House also resolved to invite some CEO of some banks and the CBN to brief the leadership of the House on the availability of the notes.

The decision followed a motion of urgent public importance filed by Sada Soli, a lawmaker from Katsina State.

He said the January 31 deadline set by the CBN was not feasible as traders had started rejecting the old notes in his constituency.

He said banks and other financial institutions do not have the capacity to handle the rush.

Ahmed Jaha of Borno State, in support of the motion, informed the House that CBN officials were in his constituency to help but the measures are not enough.

The CBNs are in my constituency and they are helping people exchange old notes. The amount received in my constituency, the amount is not enough. For 10 years, my constituents did not have access to banks.

"We have a lot to lose if the deadline is met," Jaha said.

In her response to the motion, the Speaker of the House, Femi Gbajabiamila, said there was a need to investigate what was holding back the disbursement of the new notes.

CBN is making a bold effort. They were in central mosques in Lagos. I'm not sure if that's enough. As they say, the road to hell is paved with good intentions. Timing is what we have problems with.

"there is a need to review the policy. I think another prayer needs to be added. The bank says they don't have the money but the CBN says they have the money. We should ask the bank MDs to inform either the management or a small committee,” he said.

The House subsequently resolved that an ad hoc committee headed by Majority Leader Hassan Doguwa should meet the invited MDs.

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