No need for time limit on old naira – Lawan

Senate President Ahmad Lawan has said old naira notes should be allowed to co-exist with the redesigned ones.

Lawan made the remark while noting that there was no need for a time limit on the validity of the old naira notes.

Speaking with journalists after a meeting of the Council of State presided over by President Muhammadu Buhari at the State House in Abuja, Lawan said he informed the President that there should be no deadline for the naira swap due to the impact on Nigerians.

According to Lawan: “For us in the Senate, initially, we felt that this policy in the first place is not a bad one. But we also feel there is no need for time limit.

“Allow the old and the new to co-exist until the old is phased out. So, what is wrong with that?

“We should have an open-ended time, but what will make it quick is for us to have more of the new currencies and then they co-exist with the old ones until the old dies a natural death.”

The Central Bank of Nigeria, CBN, introduced the redesigned N200, N500, and N1000 denominations in December 2022.

The apex bank set January 31 as the deadline for changing the old naira notes.

Following public outcry, the apex bank extended the deadline till February 10.

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