The Nigerian Senate has again asked the Central Bank of Nigeria (CBN), to immediately extend the deadline for withdrawal of old Naira notes from circulation from January 31st till July 31, 2023.
The resolution of the upper chamber follows a motion According to Senator Ibrahim Bulchuwa ( PDP Bauchi North), out of the seven local governments in his constituency, only one has a bank.
After several hours of deliberation, the Upper Chamber again resolved to mandate the CBN to extend the deadline from January 31st to July 31st 2023.
Senate also resolved to mandate the CBN to open an exchange window, to allow those who do not have bank accounts, especially in rural areas, to exchange their old Naira notes for new currency.