There will be chaos if deadline to stop collection of old naira notes is not extended, senate tells CBN
- The Senate and House of Representatives have asked the CBN to extend the deadline for the expiration of old naira notes by six months
- The Senate warned that there will be chaos if the deadline is not extended, as many people are rejecting the old naira notes
- Members of the House of Reps argued that banks are complaining of the shortage of new notes while businesses are rejecting the old notes
FCT, Abuja - The Senate and the House of Representatives in a separate statement have called for the extension of the deadline set by the Central Bank of Nigeria (CBN) as the expiration date for the old N200, N500 and N1000 notes.
According to Channels Television, both legislative chambers of Nigeria's National Assembly are asking the apex bank to extend the deadline by six months.
Source: Twitter
Has CBN extended the deadline for the collection of old naira notes?
The green chamber reached the conclusion after a motion moved by Sada Soli noted that the policy must not be overbearing on Nigerians if it is going to be successful.
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The lawmakers argued that banks are complaining of a shortage of the new notes while businesses are already rejecting the old naira notes.
While commending the apex bank for the policy, the house said the implementation is too abrupt and it would be unfair to the next administration.
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Subsequently, the lawmakers urged President Muhammadu Buhari to intervene and prevail on the new policy of the apex bank.
Earlier in December, the red chamber ordered the CBN to extend the deadline but the apex bank shunned the directive of the Senate.
However, at a plenary on Tuesday, the Senate posited that there were very few new notes in circulation while warning of imminent chaos should the deadline not be extended.
Tension as police lay siege at CBN governor, Emefiele's residence, details emerge
Legit.ng earlier reported that the police laid siege at the Abuja residence of Godwin Emefiele, the governor of the CBN on Tuesday night.
A source within the police disclosed that the police were there to ensure that the apex bank governor appears in court over the $53m Paris Fund Debt.
However, the Abuja police command and the force headquarters denied having knowledge of the development.
Source: Legit.ng
