Bernice Larryoboh

The House of Representatives has asked the Central Bank of Nigeria (CBN) to extend the deadline for the expiration of old N200, N500 and N1,000 notes by six months.

The House commended the policy of the apex bank but said its implementation is too abrupt and will be unfair to the incoming government.

According to a member of the House, Sada Soli, for the policy to be successful, it must not be overbearing on the citizens.

The lawmaker also expressed concerns that businesses are already rejecting the old currencies, while banks are complaining of shortage of the new notes.

The House therefore appealed to President Muhammadu Buhari to intervene and prevail on the CBN.

They have also set up an adhoc committee to meet with the managing directors of commercial banks and the CBN Governor, Godwin Emefiele over complaints of shortage of the new notes.