February 25, 2024
CBN: No plans to phase out redesigned Naira notes

Ortom: Extend old Naira notes withdrawal to June

Benue State Governor Samuel Ortom joined the National Assembly to call on President Muhammadu Buhari and the Central Bank of Nigeria, CBN, to push back the deadline for the removal of old Naira notes from circulation until June 2023. The governor stated that because of the policy, which he claimed was implemented at the wrong moment, Nigerians are suffering intolerable suffering.

The Governor, who addressed the audience on Monday in Makurdi, pleaded with the President to heed the National Assembly’s advice and put the policy on hold until June because it was clear that it was causing the general populace more pain.

I join the National Assembly to appeal to President Muhammadu Buhari and also to inform him that the people are already in hardship and are suffering as a result of the new Naira notes and the cashless policy, the speaker stated. Although the redesign is fantastic and is being done all over the world, the timing is utterly incorrect for our economy and is posing difficulties for all Nigerians. I thus beg Mr. President and the Central Bank to extend the old currency exchange till June. Given the difficulties Nigerians are currently facing as a result of the policy, that is the proper course to take.

When you visit a bank, they won’t be able to give you old notes and they won’t have any new notes to give Nigerians in their ATMs either. Nigerians are unable to access cash for daily needs. Therefore, it is a significant issue that has added to the misery of the people. Without further delay, it needs to be looked at again.

“The policy isn’t functioning, thus Mr. President should examine this issue with passion. People are becoming angry and restless as a result of swarming every available ATM and being unable to use the new currencies.

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