Naira redesign: Senate declares support for CBN's move to change N200, N500, N1000 notes

The senate has declared support for the move by the Central Bank of Nigeria (CBN) to redesign the three largest denominations of the naira.

Lawmakers, on Wednesday, November 16, resolved to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 notes.

The resolution of the red chamber followed a motion on the policy by the chairman, senate committee on banking, insurance and other financial institutions, Senator Sani Uba.

While the lawmakers supported the move to redesign some naira notes, they however said that the deadline given to Nigerians to deposit the old notes in commercial 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 aware of the new policy, according to The Nation.

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

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 deposit the old naira notes with ease within the stipulated time.

Recall that the apex bank, on October 26, said that it will redesign some naira notes and begin its circulation from December 15, 2022.

The CBN governor, Godwin Emefiele, while making this known at a press conference, stated that the new notes include N200, N500 and N1000.

Emefiele also advised Nigerians to take old naira notes to banks in exchange for the new notes, adding that that the existing naira notes would seize to be regarded as legal tender by January 31, 2023.

He added that the naira notes were redesigned following a request from the federal government.