Naira Redesign: Nigerian Senate Picks Hole, Gives Final Say on CBN's Proposal

• The Senate has decided to give the Central Bank of Nigeria (CBN) full backing to proceed with its naira redesign proposal
• The red chamber made this decision after the chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba, sponsored a motion
• However, lawmakers on Wednesday urged the apex bank to enlighten Nigerians, especially in the rural areas to ensure that citizens are educated on the new policy

National Assembly, Abuja - The Nigerian Senate approved the proposal of the Central Bank of Nigeria (CBN) to redesign the naira.

During its plenary on Wednesday, November 16, the red chamber also resolved to give CBN legal backing to implement the plan, The Nation reports.

This resolve followed a motion sponsored by Senator Sani Uba, the chairman, Senate Committee on Banking, Insurance and other Financial Institutions.

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However, the upper chamber noted that the deadline of January 31, 2023, to pay all cash in circulation into banks was too short.

Moving forward, the Senate urged the apex bank to embark on aggressive enlightenment in the rural areas to ensure that citizens are educated about the new policy, explaining that this will help compliance on their part.

Even more, the lawmakers called on the CBN to put measures in place in the face of Financial Technology (FinTech) to ensure that people can easily bank their cash within the stipulated time.

According to them, such a measure would also ensure the security of the local population who fall into the hands of violent criminals.

2023 election: Top politicians with billions in cash move against naira redesign, CBN reveals

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Reports had emerged that politicians who stashed billions of Naira outside the banking system to prosecute the 2023 general election have moved against the planned reintroduction and redesign of Nigeria’s currency by the Central Bank of Nigeria.

These politicians, it was learned, have mobilised the National Assembly to pass a resolution against the Naira redesign as several lawmakers may have stockpiled cash for the 2023 general election.

Politicians are not in support of the Naira redesign by CBN

Investigation revealed that many of the politicians who have perfected plans of rigging next year’s election through vote-buying and had stock-pilled the Naira in their houses, offices and other hidden places, have perfected plans to ambush this apex bank’s initiative, which has received accolades from President Muhammadu Buhari and financial and economic experts.

Source: Legit.ng