Emefiele avoids arrest, begs reps for understanding over scarce recoloured naira notes
Governor of the Central Bank of Nigeria, Godwin Emefiele, has urged lawmakers and Nigerians to show understanding, adding that the CBN was out to combat insecurity by introducing the new naira banknotes.
Mr Emefele said this in Abuja on Tuesday before the House of Representatives fact-finding ad hoc committee on the scarcity and the deadline for the old naira notes. The CBN chief urged Nigerians to bear with the CBN while urging Nigerians to comply with all directives.
“At this initial stage, there will be hitches, but it is to make the Nigerian economy better and stronger,” Mr Emefiele said. He said the CBN had deployed its entire staff to go to their locality to sensitise them on the new naira notes, adding that this had achieved a success of over 75 per cent.
He said out of N2.7 trillion old currency notes in circulation, CBN had recovered N1.9 trillion while commending Nigerians for complying with the implementation of the cashless policy.
“Even if the old notes have exhausted their legal tender status, you can bring it to the CBN. You will not lose your money. We are happy that in 19 years, we are able to carry out this mandate,” Mr Emefiele explained. “The redesigned naira notes and CBN’s cashless policy has moderated inflation in the country and also curtailed the activities of kidnappers and bandits.”
He added, “Inflation is moderating, exchange rate is stable and we are hoping that naira can be stronger. The incidence of kidnapping and banditry has reduced,” adding that the CBN was aware that in the process of redesigning of naira notes, some would be hurt.
The CBN governor explained that in 2022, the total currency from CBN was N3.2 trillion, and more than N2.7 trillion was out of the banking system, making the apex bank’s mandate difficult.
“In 2016, the currency in circulation was N1.4 trillion naira, adding that in October 2022, the currency in circulation rose to N3.23.trillion. N2.7 trillion are out of the banking system, it was being held in people’s hands, and it makes CBN policy implementation difficult,” Mr Emefiele added, revealing that the total amount of money with the CBN was about N500 billion.
Alhassan Ado-Doguwa, the committee chairman, said regarding Mr Emefiele, “We invited him twice and he is finally here. This is victory for our democracy, the economy and the people of Nigeria. The import of this engagement is based on the mandate of the house through a motion.”
This, according to him, borders on the concerns raised by Nigerians on the policy of naira redesigning and mopping out of the old naira notes.
“We felt we have the moral obligation to invite you to engage with Nigerian people. This is a fact-finding committee to get the updates of what is happening,” Mr Ado-Doguwa.
The legislator said the committee had extracted some information from bank operators, adding that its major concern is the lives and livelihood of Nigerians and the economy, including the rule of law.
He said the CBN policy has a direct bearing on lives.
“The cashless policy is a good policy; let’s see how we can partner to make it work. We are under moral obligation to seek clarification from you,” added Mr Ado-Doguwa.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Abacha’s ex-Chief of General Staff, Oladipo Diya, dies at 79
“Our dear Daddy passed onto glory in the early hours of 26th March 2023,” reads a family statement announcing his demise.
Morocco beat Brazil 2-1 in international friendly
Saturday’s win against five-time World Cup winner Brazil was another statement that Moroccans World Cup performance last year was not a fluke.
Ohanaeze vows to ‘deal with political rascals,’ says Yorubas not at war with Igbos in Lagos
The statement comes a week after the Lagos governorship election, which was marred by voters intimidation, violence and ethic slurs.
2023 census technology cannot be manipulated, FG assures Nigerians
Nigerians have been asked to ensure that they’re counted during the conduct of the 2023 National Population and Housing Census.
Traditional, religious leaders crucial to success of 2023 census: Garba Abari
He said the success of the 2023 census will largely depend on the role and participation of traditional institutions and religious leaders.
Chidi Odinkalu: The faux apologia of Seun Osewa
In Nigeria, Igbos don’t have a right to vote; citizens do.