THE NATION
The controversy over the January 31 phaseout deadline for old naira notes has not abated.
Senators and House of Representatives members asked the Central Bank of Nigeria (CBN) to grant a six-month extension and allow the redesigned notes to remain legal tenders alongside the new N1000, N500 and N200 bills.
But, the apex bank insisted that the date remains unchanged.
The lawmakers’ request was based on outcry from their constituents that the new notes are scarce and difficult to get from the banks.
But the CBN Governor, Mr. Godwin Emefiele, insisted that the Tuesday deadline to phase out the use of the old notes is sacrosanct.
The Senate and House of Representatives are suggesting a gradual phase-out of the old currency.
It was, however, unclear how the National Assembly plans to get the CBN to accede to the extension request.
This is because the CBN Act guarantees its independence to initiate and implement monetary policies.
