The Senate has urged the Central Bank of Nigeria (CBN) to extend the deadline for the exchange of old naira notes from the January 31 to July 31, 2023.

The apex bank had in October last year said the old naira notes would seize to be legal tender from January 31, a stance that was reiterated by its governor, Godwin Emefiele, at a meeting in Abuja on Tuesday, January 24.

However, Senator Sadiq Umar (APC, Kwara North) moved a motion on the floor of the Red Chamber on Tuesday, where he demanded an extension to July 31.

Most senators who contributed to the debate overwhelmingly embraced the extension, citing scarcity of new notes both in the banks and at the various Automated Teller Machine points across the country.

The President of the Senate, Ahmad Lawan, put the prayers in the motion to vote and the lawmakers voted in support of the extension of the deadline from January 31 to July 31.