The Nigerian Senate has stated that it will provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes.
The senate made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the naira notes.
Senators across party lines support the redesign of the naira but some of them are concerned about the deadline set by the apex bank for the old notes to be deposited in commercial banks.
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.
The Senate also mandated its Committee on Banking to embark on aggressive oversight to ensure that Nigerians are protected during this exercise.