Senate backs CBN on Naira redesign

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The Senate will provide legislative support to the Central Bank of Nigeria (CBN) for it’s decision to redesign N1,000, N500 and N200 naira notes.

The senate after thorough debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes, Wednesday November 16, 2022 agreed to support the CBN.

The Lawmakers also questioned the impact of the redesign of the naira note on the economy and if it will help reduce the inflation rate and the dwindling value of the naira.

They asked the CBN Governor, Godwin Emefiele, to provide further clarification on the issues.

They also worried about the effect of this policy on those in the rural areas and the unbanked.

The Senate consequently mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.

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