Nigeria’s Central Bank policy on the redesign of the Naira has, has received full legislative support by the Senate, after hours of heated debate on wednesday.
Debate on the policy by Senators was sequel to a motion sponsored by Senator Uba Sani, as the Lawmakers reconvened in plenary after three weeks of budget defence sessions.
Senator Sani who chairs the Senate Committee on Banking, Insurance and other Financial Institutions, had in the prayers to his motion, urged the Senate to provide legislative support for the policy.
He also wants the senate to mandate his Committee to embark on aggressive oversight on the policy slated to take full effect on January 31, 2023.
Following the rowdy session concessioned by the heated debate, Deputy President of the Senate, Senator Ovie Omo-Agege said it was the prerogatives of the CBN to redesign the naira and put deadline for compliance.
Senate also mandated its Committee on Banking, insurance, and other Financial Institutions to embark on oversight so as to ensure effective implementation of the policy.
Leave a Reply