x

BREAKING: Senate Approves CBN Plan to Redesign Naira Notes

The Senate has resolved to provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes.

The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes.

Majority of Senators across party lines support the redesign of the naira but some of them are concerned about the deadline set by the apex bank for the old notes to be deposited in commercial banks.

Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

They want the CBN Governor, Godwin Emefiele to provide further clarification on these issues.

They also worried about the effect of this policy on those in the rural areas and the unbanked.

The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.

Emefiele on October 26, 2022 announced that the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

NCSP DG Tegbe partners NIPC to Boost Chinese Investment in Nigeria

In a significant step toward enhancing foreign direct investment...

America Makes History: First U.S.-Born Pope Elected!

In a landmark moment for the Catholic Church, American-born...

Media Salon Emphasizes One-China Principle in China-Nigeria Ties

A media salon focusing on the One-China principle as...

Kaduna Ramps Up Resident Mobilisation for State Identity Card Registration

The Kaduna State Residents Identity Management Agency (KADRIMA) has...

Stakeholders Push for Urgent Telecom Reforms as Tech Disruptions Accelerate

With emerging technologies like Artificial Intelligence (AI), quantum computing,...

DSS Arrests Five Over Kidnap, Murder of One-Year-Old in Kano

The Department of State Services (DSS) has arrested five...

Wigwe Helicopter Crash: U.S. Operator May Face Criminal Charges

The operators of the helicopter that crashed and claimed...

Outrage Grows Over Alleged Mismanagement of El-Rufai’s $350m World Bank Loan in Kaduna

Tensions are rising in Kaduna State as stakeholders voice...
spot_img

Related Articles

Popular Categories

spot_imgspot_img