National Assembly calls for extension of deadline for new naira notes

Members of Senate and House of Representatives have asked the Central Bank of Nigeria (CBN) to grant a six-month extension and allow the redesigned notes to remain legal tenders alongside the new one thousand, five and two hundred naira notes bills.

The lawmakers’ request was based on outcry from their constituents that the new notes are scarce and difficult to get from the banks

CBN Governor, Mr. Godwin Emefiele, insisted that the Tuesday next week deadline to phase out the use of the old notes is sacrosanct noting that, the CBN Act guarantees its independence to initiate and implement monetary policies.

Mr. Emefiele said, the CBN Act saddles the Monetary Policy Committee with the responsibility for formulating monetary and credit policy.