Senate expresses support for naira redesign

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The Nigerian Senate is set to provide legislative support to the Central Bank of Nigeria (CBN) for the redesigning of the N1,000, N500 and N200 naira notes.

The Senate passed the resolution on Wednesday after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes.

Majority of the lawmakers across party lines endorsed their support for the redesigning although some of them expressed concerns about the deadline set by the apex bank for the old notes to be deposited in commercial banks.

While querying the effect of the redesign on the economy and if it will help reduce the inflation rate, as well as the dwindling value of the naira, they stressed the need for the CBN Governor, Godwin Emefiele, to further clarify the issues.

The lawmakers also expressed their worries about the effect of the policy on those in the rural areas and the unbanked.

Consequently, the Senate Committee on Banking was directed to embark on aggressive oversight to ensure protection of Nigerians during the exercise.

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