Politics » Old Naira Notes: Senate Asks CBN to Shift Deadline to June 30 by: FUNMINIYIIDOWUT(m) .:. Fri, 30 Dec, 2022 - 06:05:09:pm GMT
The redesigning of the N200, N500 and N1,000 banknotes, the Senate in a unanimous resolution Wednesday urged the Central Bank of Nigeria (CBN) to extend the deadline for the return of the old currency from January 31, 2023, to June 30, 2023 in the meeting
The resolution of the Senate was sequel to a motion titled, Urgent need to extend the withdrawal of old currency from circulation,”
Ndume who noted that the timing of the policy was too early and said that since the beginning of the implementation of the cash withdrawal limits from the people the new notes are not in circulation at all in the cities not to talk of the rural areas. People find it difficult to get the new notes and even the ATM is still giving out the old notes to people.
The CBN had on November 8, said it had finalised arrangements for the new currency to begin circulation from December 15, 2022, after its launch by President Muhammadu Buhari.
It had explained that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023,
But speaking, Ndume said, Many Nigerian banks on Thursday 15th December, 2022, opened their vault to customers and depositors to exchange their old naira notes for the newly redesigned currency, which has a stipulated deadline of January 31, 2023 of course it's too early
Also aware that many Nigerians are already envisaging rush and long queues in the bank hall across the country as a result of people trying to get access to the new naira note, which was unveiled last month by President Mohammad Buhari at a brief ceremony at the state house, Abuja.
Observes that access to the new notes may be compounded by the recent circular by the CBN, which limit the amount of cash individuals and corporate entities could withdraw within a certain period of time.
For instance, the CBN said individuals could only withdraw N100, 000 per week while corporate could only have access to N500, 000 per week through which is too small for some people especially business man and woman
He also said that Large withdrawals are also subjected to scrutiny by the regulator to determine the importance and usage of such cash and convinced that if the withdrawal of old notes from circulation is not extended beyond 31st January many Nigerian will be thrown into hardship and serious problem to the people in this country and moreso to avoid what has happened in 1984 experience withdrawal of old notes.”
However, Ndume failed to acknowledge that the CBN last week announced an upward review of the cash withdrawal limits across all payment channels by individuals and corporate organisations.
Under the updated regime, the apex bank had said effective January 9, 2023, individuals and corporate entities could withdraw a maximum of N500,000 and N5 million, respectively, away from N100,000 and N500,000, respectively, which was previously announced on December 6, 2022.
**HIGH-DEE**
The resolution of the Senate was sequel to a motion titled, Urgent need to extend the withdrawal of old currency from circulation,”
Ndume who noted that the timing of the policy was too early and said that since the beginning of the implementation of the cash withdrawal limits from the people the new notes are not in circulation at all in the cities not to talk of the rural areas. People find it difficult to get the new notes and even the ATM is still giving out the old notes to people.
The CBN had on November 8, said it had finalised arrangements for the new currency to begin circulation from December 15, 2022, after its launch by President Muhammadu Buhari.
It had explained that the new and existing currencies shall remain legal tender and circulate together until January 31, 2023,
But speaking, Ndume said, Many Nigerian banks on Thursday 15th December, 2022, opened their vault to customers and depositors to exchange their old naira notes for the newly redesigned currency, which has a stipulated deadline of January 31, 2023 of course it's too early
Also aware that many Nigerians are already envisaging rush and long queues in the bank hall across the country as a result of people trying to get access to the new naira note, which was unveiled last month by President Mohammad Buhari at a brief ceremony at the state house, Abuja.
Observes that access to the new notes may be compounded by the recent circular by the CBN, which limit the amount of cash individuals and corporate entities could withdraw within a certain period of time.
For instance, the CBN said individuals could only withdraw N100, 000 per week while corporate could only have access to N500, 000 per week through which is too small for some people especially business man and woman
He also said that Large withdrawals are also subjected to scrutiny by the regulator to determine the importance and usage of such cash and convinced that if the withdrawal of old notes from circulation is not extended beyond 31st January many Nigerian will be thrown into hardship and serious problem to the people in this country and moreso to avoid what has happened in 1984 experience withdrawal of old notes.”
However, Ndume failed to acknowledge that the CBN last week announced an upward review of the cash withdrawal limits across all payment channels by individuals and corporate organisations.
Under the updated regime, the apex bank had said effective January 9, 2023, individuals and corporate entities could withdraw a maximum of N500,000 and N5 million, respectively, away from N100,000 and N500,000, respectively, which was previously announced on December 6, 2022.
**HIGH-DEE**