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Senate launches fresh probe into naira redesign


The Senate has launched a fresh investigation into the printing of new naira notes produced by Nigerian Security Printing and Minting Company last year.

The Central Bank of Nigeria had said it redesigned all major naira notes, including N100, N200, N500 and N1,000 notes and will by December 2022 start circulating them.

The move to probe the printing of new notes was raised by Senator Adams Oshiomole (APC, Edo-North)  a member of the committee, who demanded documents detailing the printing of the new notes.

Oshiomole said, “When coming to see us, you should come with documents related to the printing of new naira notes.

“We need to see how much was printed, how much was spent printing the new naira notes.”

It will be recalled that the CBN naira redesign and cashless policy created crisis in the country ahead of the general elections.

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