Senate asks CBN to extend deadline for implementation of cash withdrawal policy

The Nigerian Senate has asked the Central Bank of Nigeria, CBN to extend its deadline for the implementation of the Cash withdrawal Policy to the 31st of June 2023.

The Resolution followed a point of order raised by the lawamaker representing Borno South senatorial district, Senator Ali Ndume .

The Lawmaker is seeking time extension, explaining that the timeframe for the implementation of the policy is too short and could inflict hardship on the masses if due diligence is not done .

His observation earned the support of other lawmakers who agreed with his views and urged the Apex Bank to consider the time extension.

President Muhammadu Buhari released the new naira notes in response to the apex bank’s pronouncement.

Raising Orders 41 and 51 of the Senate Standing Rules, Ndume stated that the request for a date extension should be treated as a matter of urgent national urgency in order to prevent imminent hardship on Nigerians.

Ndume said: “This senate notes that many Nigerian banks on Thursday, Dec. 15, opened their vaults to customers and depositors to exchange their old currency notes for the newly redesigned currency notes which has a stipulated deadline of Jan. 31.

“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira notes.

“The old notes are expected to be in circulation along the new ones until Jan. 31 when the old ones are expected to be phased out.

“It is expected that many Nigerian businesses will start to rid the old notes as soon as banks start paying redesigned notes to customers.”

The lawmaker also stated that access to the new notes would be complicated by the CBN’s recent circular, which limited the amount of cash that corporate companies may withdraw in a certain period of time.

“If the withdrawal of old notes from circulation is not extended beyond January 31, many Nigerians would face hardship, and to avoid a repeat of the 1984 experience, withdrawal of old notes,” he stated.