Reps advise CBN to extend the deadline for old notes by six months.

The House applauded the central bank’s stance but criticized its implementation, saying it would be unjust to the incoming administration. The House of Representatives has requested a six-month extension of the Central Bank of Nigeria’s (CBN) deadline for the expiration of old N200, N500, and N1,000 notes.

This was in response to a motion made by Sada Soli, a member of the House, who argued that for the program to be effective, it must not be oppressive to the populace.

The congressman voiced alarm about the fact that banks are complaining of a lack of the new notes while companies are already rejecting the old ones.

The House applauded the central bank’s stance but criticized its implementation, saying it would be unjust to the incoming administration.

The House also requests that President Buhari step in and pressure the CBN.

In the meantime, the House has established an ad hoc committee to meet with the CBN Governor, Godwin Emefiele, and managing directors of commercial banks about complaints of a lack of the new notes.