He pleaded with all Nigerians to return all the old N200, N500 and N1000 notes in their possession to their host banks or nearest banking agents to avoid losing the money completely.
Meanwhile, the MPC took a decision along the global trend yesterday to tighten the Monetary Policy Rate by 100 basis points in continuation of its measure to rein in inflation and enforce money control stance. “One members voted to increase the MPR by 150 basis points, four members by 50 basis points and seven members by 100 basis points. In summary, MPC voted to raise MPR to 17.5 percent,” the CBN governor said.
He explained that the redesigning of currency is a national project as a result of the circulation of fake notes and stressed that the apex bank had lost count of the total money in circulation because the money had been withdrawn and kept in different homes for several years . He disclosed that there are about 1.5 million agent outlets nationwide for effective dispensing of new notes, and that the CBN had provided new currency notes to all deposit money banks and agents, warning that banks should not put old notes in their ATMs.
He said: “Experiences around the world have shown that such abrupt decisions, if not controlled, usually creates chaos. The Senate should extend the use of the old notes to July 31,” he said. Senator Mohammed Ndume called on the Senate to use its oversight responsibility on the CBN to order the apex bank governor to extend the date.
Senate President, Ahmad Lawan, in his comment, said that most of the senatorial districts did not have banks.“There is no doubt that we must have a window for exchange. We must have policies by the CBN to have bank branches established in rural areas. We need this extension for the most ordinary Nigerians,” Lawan said.
To this end, the House set up a 14-man ad-hoc committee headed by the House Leader, Alhassan Ado Doguwa, to interface with the CBN and Banker Committee today . While agreeing that the cashless policy is in tandem with global best practices, Soli lamented that the CBN had refused to listen to the cry of the people to extend the timeline of the currency swap.
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