Allow Old, New Naira Coexist, Lawan Tells CBN

The President of the Senate, Ahmad Lawan, has said the naira redesign policy is causing difficulty on the country.

Lawan urged the Central Bank of Nigeria to allow the old notes and the newly redesigned ones to coexist till the old ones get phased out.

The Senate President said this was possible because such had been done on other countries.

”For us in the Senate, initially we felt that this policy is not a bad policy but we are also feeling that there is no need for any time limit; [/b]allow the old and the new notes to co-exist until the old is phased out.

“This is not going to be the first country to do it that way. Other countries have been doing it that way.

”To say that in three months it will be okay, it is not okay, especially in a country like ours where 80-90 per cent of the population have no access to banks.”

He added that the policy is causing hardships for most Nigerians as the Senate calls for a decision to ease the suffering Nigerians are facing due to the policy.

“We had a private audience with the President after the Council of State meeting where we informed him in detail the resolutions of the two chambers of the National Assembly with respect to the redesign of our currency and the crisis of exchange or swap of the old currency with the new one.

“It is a known fact to everyone how life has been so difficult for the majority of Nigerians, especially the most ordinary Nigerians across the country.

”We felt that this is the time to take a decision that will ease the problems Nigerians are facing with respect to this.”