Sunday, September 24, 2023

Reps summon Emefiele, bank operators over scarcity of recoloured naira notes

The bank operators are to appear on Wednesday, while the CBN governor will appear before the House on Thursday.

• January 24, 2023
CBN governor, Godwin Emefiele
Godwin Emefiele

The House of Representatives has summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and bank operators following the scarcity of the new naira notes.

The bank operators are to appear on Wednesday, while the CBN governor will appear before the House on Thursday.

This followed the adoption of a motion of urgent public importance by Sanda Soli (APC-Katsina) at the plenary on Tuesday.

In his motion, Mr Soli said that all over the world, currencies were being “phased out” and not “forced out.”

The lawmaker called for a review of the cashless policy, adding that CBN should ensure price stability.

Although Mr Soli said the cashless policy was in tandem with global best practices, he added that most banks in Nigeria did not have what it takes to ensure that such was achieved.

He decried what he called the CBN’s refusal to listen to the cry of Nigerians for the extension of the January 31 deadline for depositing the old naira notes, stating that this might hurt the economy.

Speaker of the House of Representatives, Femi Gbajabiamila, said as good as the policy was, the modus operandi and the timing were the problems.

“There is nothing wrong in reviewing a policy; banks are claiming they don’t have the new naira notes, while CBN is also claiming the banks have them,” he said.

The speaker said that banks’ managing directors should be invited to brief the leadership or the ad hoc committee to determine whether the money was available or whether banks hoarded them.

The house, however, called for a six-month extension of the deadline to make the new notes available and that President Muhammadu Buhari should intervene in the debacle in the interest of Nigerians.

The House also set up an ad hoc committee, led by Alhassan Ado-Doguwa, to meet with bank operators on Wednesday over the January 31 deadline


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