*The Nigerian Senate has said it will provide legislative support to the Central Bank of Nigeria for the redesign, production and issuance of the new N200, N500 and N1,000 Naira notes

Gbenga Kayode | ConsumerConnect

The Nigerian Senate has assured that the Upper Legislative Chamber in the National Assembly (NASS), Abuja, FCT, will provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N200, N500 and N1,000 Naira notes.

ConsumerConnect reports the Federal legislators made this resolution after an extensive debate on a motion Senator Uba Sani moved on CBN’s policy to redesign the three Naira denominations in the economy.

Recall Mr. Godwin Emefiele, Governor of CBN, October 26, 2022, had announced that the banking sector regulator would issue the redesigned N200, N500, and N1,000 notes effective December 15, 2022.

Emefiele also noted that the new and existing currencies would remain a legal tender and circulate together until January 31, 2023.

Lawmakers’ arguments on Naira redesign

While majority of the Senators across party lines support the redesign of the Naira, some however, are concerned about the Bankers’ Bank deadline for the old Naira notes to be deposited in the Deposit Money Banks (DMBs) in Nigeria.

The lawmakers also interrogated the likely impact of the redesign of the selected Naira denominations on the economy, and if the project would help to tame the rising inflationary rate and attendant dwindling value of the national currency.

The Senators further urged Emefiele to provide more clarification on these  issues as it implements the currency redesign project.

The Senate as well expressed worry about the effect of this policy on those in the rural areas and the unbanked and underserved communities across the country.

ConsumerConnect reports the CBN recently addressed this issue when it stated the measures bring out in place to ensure that the unbanked Nigerians in the rural communities are also carried along and protected on the project.

The Senate, subsequently, mandated its Committee on Banking to commence aggressive oversight to ensure that Nigerian consumers are protected during this Naira redesign exercise.