The Senate on Wednesday resolved to support the move by the Central Bank of Nigeria (CBN) to redesign high denominations of the national currency, describing the monetary policy move as desirable to the nation’s financial system.
The red chamber’s decision was sequel to its resolution on a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba
But then, while the lawmakers supported the move to redesign the Naira, they, however, believed that the deadline of January 31st, 2023 to pay all cash in circulation into banks was too short.
To improve awareness on the initiative, the legislators canvassed the need for aggressive enlightenment on the part of the apex bank, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.
According to them, such mass awareness will help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.
In addition, the Senators also urged the CBN to put measures in place in the face of ubiquitous financial technology (FinTech) channels to ensure that people are able to bank their cash with ease within the stipulated time.
The lawmakers said such a measure would also ensure the security of Nigerians and foreigners, who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents.
