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Extend Deadline For Old Notes By Six Months, Reps Tell CBN

The House of Representatives has asked the Central Bank of Nigeria (CBN) to extend the deadline for the expiration of old N200, N500 and N1,000 notes by six months.

This followed a motion by a member of the House, Sada Soli who said for the policy to be successful, it must not be overbearing on the citizens.

The lawmaker expressed concerns that businesses are already rejecting the old currencies, while banks are complaining of shortage of the new notes.

The House commended the policy of the apex bank but said its implementation is too abrupt and will be unfair to the incoming government.

The House also wants President Muhammadu Buhari to intervene and prevail on the CBN.

Meanwhile, the House has set up an adhoc committee to meet with the managing directors of commercial banks and the CBN Governor, Godwin Emefiele over complaints of shortage of the new notes.

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