The Senate has decided to approve the Central Bank of Nigeria’s (CBN) decision to redesign the naira through legislation but frowned at the deadline the apex bank chose for the deposition of all bank notes.
The Red Chamber’s resolution came on Wednesday when Senator Sani Uba, the chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, made a motion regarding the policy.
Despite their support for the redesign of the naira, lawmakers felt that the January 31st, 2023 deadline for depositing all notes in circulation was too soon.
To guarantee that all Nigerians are informed of the new policy, they demanded active education on the CBN’s part, especially in rural areas.
They maintained that widespread awareness would encourage Nigerians in rural areas to follow the rules in order to keep their hard-earned money.
They also urged the CBN to take action against the backdrop of pervasive Financial Technology (FinTech) in order to guarantee that the local population is able to bank their money easily and within the allotted period.
They said that such action would also secure the safety of the local populace, who might be sidetracked and robbed of their money by criminals like robbers and militants.