The Nigerian Senate has stated its position on the new Naira notes.
The upper legislative chamber, on Wednesday resolved to support the move.
The resolution of the lawmakers follows 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 the naira, they however said the deadline of January 31st, 2023 to pay all cash in circulation into 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 made aware of the new policy.
The red chamber 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 called on the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.
The senators said that such a measure would also ensure the security of the local population who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents.
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Senate Takes Decision on New Naira Notes