Senate Backs CBN on Naira Redesign

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Senate Backs CBN on Naira Redesign
Senate Backs CBN on Naira Redesign

On Wednesday, the Senate decided to approve the Central Bank of Nigeria’s (CBN) decision to redesign the naira through legislation.

The Red Chamber’s resolution came after Senator Sani Uba, the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, moved to adopt the policy.

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.

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.

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

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They also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace is 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.

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