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Reps backs CBN naira redesign, faults timeline for mop up of old notes

The Senate on Wednesday promised to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.
The resolution of the Red Chamber followed a motion on the policy by the Chairman of Senate Committee on Banking, Insurance and other Financial Institutions, Senator Sani Uba.
While the lawmakers supported the move to redesign the naira, they however said the deadline of Tuesday, January 31 2023 to pay all cash in circulation into banks was too short.
READ ALSO: CBN redesigns 200, 500, 1,000 naira notes
The Senate called for aggressive enlightenment on the part of the CBN, especially in the rural areas to ensure that all Nigerians are made aware of the new policy.
The lawmakers insisted that such mass awareness would help Nigerians in the rural areas to comply with the policy so as not to lose their hard-earned income.
CBN governor Godwin Emefiele in October announced plans to redesign the 200, 500, and 1,000 naira notes.
Emefiele said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.
He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
The Senate on Wednesday urged the CBN to put measures in place in the face of ubiquitous Financial Technology (FinTech) to ensure that the local populace are able to bank their cash with ease within the stipulated time.
The lawmakers said such a measure would also ensure the security of the local population who might be waylaid and dispossessed of their cash by criminal elements like bandits and insurgents.
Two days ago, the CBN said it has made provisions for Nigerians living in rural areas to exchange their naira notes as the bank moves to redesign 200, 500 and 1,000 notes.
CBN insisted that the measure will help check inflation, counterfeiting and the amount of money outside of the banking system.
Headlines
Tinubu arrives Katsina to receive Buhari’s body for burial

President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Headlines
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
Headlines
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
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