WOT
FRCN HQ
Banking Featured Finance Headline NASS News Nigeria

Reps invite CBN over new naira notes scarcity

The house of representatives has invited the Bankers Committee and the management of the Central Bank of Nigeria (CBN) to meet with its leadership on Wednesday.

The House wants the apex bank to explain why the newly-designed naira notes are not fully in circulation in the country a few days to the usage deadline.

In a resolution on Tuesday, it also called for the extension of implementation of the swap to six months and make the new notes available.

The resolution was sequel to a motion of Urgent national Importance by a member from Katsina state, Sada Soli on the Need For the CBN to Review and Extend the Timeline for the Currency Swap.

The lawmaker, who called for the review of the cashless policy, said the deposit money banks in Nigeria “do not have what it takes” to achieve the policy.

While agreeing that the cashless policy was in tandem with global best practices, Mr Soli decried what he said was the CBN’s refusal “to listen to the cry of the people” to extend the timeline of the currency swap.

According to him, “the rigidity of the policy may affect the economy and therefore the apex bank should keep their policy closer to reality.

“The policy though good will not be fair on the new government and will impact negatively on Macro economy.”

Adopting the motion, the house called on President Muhammadu Buhari to intervene on the deadline issued by the CBN.

Reporting by Ibrahim Shehu; Editing by Abdullahi Lamino and Tony Okerafor