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Senate orders CBN to extend deadline for implementation of new naira notes policy

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Senate orders CBN to extend deadline for implementation of new naira notes policy

The Senate has urged the Central Bank of Nigeria, (CBN) to extend the deadline for the implementation of the New Naira note Policy by six months.

The upper legislative Chamber’s stand followed a point of order moved by Kwara State lawmaker, Senator Sadiq Umar.

The Senate insists the Deadline for the implementation of the CBN Policy is too short and would only inflict untold hardship on Nigerians following the public outcry.

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The Senate says it is still within its purview to ensure that the rights and interests of the people are protected at all costs, and it will stand against any decision that suppresses the voice of the people in a democracy.

It has now directed the CBN to extend the deadline for its new Policy to the 31st of July 2023.

It also urged Banks to permit unbanked Nigerians to exchange the Old Naira Notes for new ones.

The intervention looks timely following the rejection of the old notes by traders in some states.

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