Senate backs CBN’s decision to redesign naira

The Senate says it would provide the legislative support for the new policy of the Central Bank of Nigeria (CBN) to redesign the Naira.

The senate resolution followed a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba, APC, Kaduna Central.

The senators, however, expressed reservations with the deadline of January 31st, 2023 to pay all cash in circulation into banks, saying the period 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.