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Naira Withdrawal: Senate urges CBN to extend deadline to June 30th 2023

Capital market panics as Senate escalates fear of SEC insolvency

The Nigerian Senate has urged the Central Bank of Nigeria (CBN) to extend the deadline on old naira notes withdrawal from 31st January to 30th June 2023.

This was disclosed by the Nigerian Senate during Wednesday’s plenary session, in a motion by Senator Ali Ndume.

Senator Ali Ndume cited Orders 41 and 51 to seek the leave of the Senate to move a motion on the urgent need to extend the withdrawal of old currency from circulation. Senator Adamu Aliero seconded the motion. He said:

The backstory: Recall that the newly redesigned N200, N500 and N1000 naira notes were launched on November 23rd, 2022, about one month after the CBN first announced the impending redesign.

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