Latest News

Senate backs CBN on naira redesign

[ad_1]

The Senate on Wednesday declared its support for the redesign of the Naira notes by the Central Bank of Nigeria (CBN).

The development followed the adoption of a motion moved by the Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Sani Uba, at the plenary in Abuja.

The upper legislative chamber’s position came a few weeks after the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had last month announced the planned rollout of new N200, N500, and N1000 notes in December.

RELATED:  NDLEA intercepts 72kgs of Indian hemp in Katsina

President Muhammadu Buhari had also confirmed that he approved the redesign of the Naira.

READ ALSO: EFCC chairman, Bawa, predicts crash in exchange rate to N200/$ after redesign of Naira

This followed a claim by the Minister of Finance, Budget and National Planning, Zainab Ahmed, that the ministry was not consulted by the CBN before making the plan public.

At the plenary, the lawmakers however disagreed with the CBN on the January 31, 2023 deadline for the phase-out of the old Naira notes in circulation.

RELATED:  Adesua Etomi-Wellington’s Red Look to The Set Up 2 Premiere is One For the Books!

The senate was of the opinion that the deadline was too short, and advised the upper legislative chamber to carry out aggressive enlightenment on the matter in a bid to prevent persons in rural areas from losing their money due to the change in currency.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

RELATED:  Lagos Assembly Passes Bill On DNA, Forensic Centre

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now



[ad_2]

Notjustloaded.com

Notjustloaded.com is a well known reputable News and Media Website focusing on delivering uniquely published News, Educational and Entertaining Contents to all users around the Globe. Our main aim is to let internet users of young and old age be aware of what is happening currently online. This website is established under the administration of Goldentech Digital Media(a business named registered under Corporate Affairs Commission of Nigeria). Be sure you don’t miss any updates on Notjustloaded as we keep serving you quick updates.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button