Stakeholders in Nigeria are still calling out the Central Bank Of Nigeria, CBN , to extend the January 31 deadline given for use of old naira notes.
On Tuesday, the House of Representatives asked the CBN to extend the deadline by 6 months the deadline isn’t feasible , especially as traders have started rejecting old notes. A lawmaker, Sada Soli from Katsina state said traders in his constituency have started rejecting old notes from their customers. He also said that banks and other financial institutions do not have the capacity to deal with the rush.
The speaker of the House , Femi Gbajabiamila, also said that there is need to review the policy as the effort of the CBN to swap the old notes with new Nair notes is not enough. He also suggested that they will invite the bank MDs to explain the unavailability of cash as against the directives by CBN.
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