The Central Bank of Nigeria, CBN, was encouraged by the Nigerian Senate on Tuesday to continue collecting obsolete Naira notes until July 31, 2023.
Following a lengthy debate, the upper legislative Chamber reached the new deadline through an accepted resolution.
The MPs said that the Apex bank had abandoned a prior decision from December 2022 as a background to this.
The N200, N500, and N1000 notes have been revised and are now in use, according to PULSENETS.
Heavy complaints of the makeover have followed it, noting the timing as being insensitive given the general election that will take place next month.
The request for a new extension, however, was a result of a resolution introduced by Senator Sadiq Suleiman Umar of the Kwara North Senatorial District, who stated; “the new notes were not enough in circulation”, foretold turmoil would erupt across the nation if the deadline was not extended.
