The Senate on Wednesday resolved to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.
The resolution followed a motion on the policy by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.
While the lawmakers supported the move to redesign the naira, they however said the deadline of January 31st, 2023, to pay all cash in circulation into banks was too short.
They called for aggressive enlightenment on the part of the CBN, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.
They insisted that such mass awareness would help Nigerians in the rural areas to comply with the policy so as not to lose their hard earned income.
They also urged the CBN to put measures in place in the face of obvious Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.