There will be chaos if deadline to stop collection of old naira notes is not extended - Senate tells CBN

The Senate and the House of Representatives in a separate statement have called for the extension of the deadline set by the Central Bank of Nigeria (CBN) as the expiration date for the old N200, N500 and N1000 notes.

According to Channels Television, both legislative chambers of Nigeria's National Assembly are asking the apex bank to extend the deadline by six months.

The green chamber reached the conclusion after a motion moved by Sada Soli noted that the policy must not be overbearing on Nigerians if it is going to be successful.

The lawmakers argued that banks are complaining of a shortage of the new notes while businesses are already rejecting the old naira notes.

While commending the apex bank for the policy, the house said the implementation is too abrupt and it would be unfair to the next administration.

Subsequently, the lawmakers urged President Muhammadu Buhari to intervene and prevail on the new policy of the apex bank.

Earlier in December, the red chamber ordered the CBN to extend the deadline but the apex bank shunned the directive of the Senate.

However, at a plenary on Tuesday, the Senate posited that there were very few new notes in circulation while warning of imminent chaos should the deadline not be extended.