Separately, the Senate and House of Representatives called for an extension of the Central Bank of Nigeria’s (CBN) deadline for the expiration of the old N200, N500, and N1000 notes.
According to Channels Television, Nigeria’s two legislative chambers have asked the apex bank to extend the deadline by six months.
The conclusion was reached following a motion moved by Sada Soli, who noted that the policy must not be overbearing on Nigerians if it is to be successful.
The lawmakers contended that banks are complaining about a lack of new notes, while businesses are already rejecting old naira notes.
While applauding the central bank’s policy, the House said the implementation is too abrupt and would be unfair to the next administration.
Following that, the lawmakers urged President Muhammadu Buhari to intervene and prevail on the apex bank’s new policy.
Earlier in December, the Senate directed the CBN to extend the deadline, but the apex bank ignored the directive.
However, at a plenary on Tuesday, the Senate stated that there were not enough new notes in circulation and warned of impending chaos if the deadline was not extended.