This followed the adoption of the Senate Committee on National Planning and Economic Affairs report at the plenary on Wednesday.
Financial experts have urged the Central Bank of Nigeria (CBN) to improve its payment system to enhance the speed of settlement transactions.
Mr Abdulmumin said that the apex bank was committed to supplying the “approved indent” for the smooth running of the economy.
“It seems that the new notes are being hoarded.
Also speaking, Adewunmi Malik-Adeola, noted that there was poor information about the policy in the rural areas, where majority of the farmers reside.
After implementing the CBN’s latest directive, banks will forfeit custody of the billions of naira currently held in various dormant accounts.
“I have been coming here to sell cow meat on a daily basis, but the turnout has not been encouraging, so I decided to stay at home for some days.”
A correspondent who monitored some PoS points in the Federal Capital Territory (FCT) satellite towns reports that they charged between N300 and N200 for N5,000 withdrawn.
Residents of the Federal Capital Territory (FCT) have used the occasion of Easter to thank God for surviving the cash crunch caused by the naira redesign policy.
