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Wednesday, 16 November 2022

Nigerian Senate backs CBN on naira redesign amidst controversies

The proposed Naira redesign by the Central Bank of Nigeria has gotten the support of the senate. 


At plenary on Wednesday, November 16, the senate resolved to provide the legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.

The resolution was reached after Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba, moved a motion on the policy. 


The lawmakers who supported the move to redesign the naira, however said the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.

Asides from asking the CBN to carry out aggressive enlightenment on the policy, especially in the rural areas of the country, they also urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.


They said these would ensure Nigerians in the rural areas comply with the policy so as not to lose their hard-earned income, and 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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