Connect with us

    Hi, what are you looking for?

    E-Financial

    Old naira notes: Senate seeks extension of CBN deadline to June 30th, 2023

    Senate

    Old naira notes: Senate seeks extension of CBN deadline to June 30th, 2023The Senate has asked the Central Bank of Nigeria (CBN) to extend its deadline for the phasing out of the old N1,000, N500 and N200 notes from January 31st to June 30th, 2023.

    The senator representing Borno South, Ali Ndume, gave the recommendation during plenary at the Senate chambers.

    According to Ndume, the notice given by the CBN is too short, considering the “few” banks in Borno and Yobe states and the “inability” of people in these states to lodge the old notes in time to meet the deadline.

    Recall that on October 26, 2022, the CBN Governor, Godwin Emefiele, announced the redesign of the three bank notes, saying the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the old notes will seize to be legal tenders.

    The apex bank believes the redesigned notes will limit cash in circulation and therefore restrict the deplorable activities of ransom-demanding kidnappers as well as politicians set on rigging the upcoming elections.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    News

    Russia’s Finance Ministry announced on Wednesday, September 24, that it plans to raise the country’s value-added tax (VAT) to help finance the ongoing war...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...