House Of Reps Summon Banks Over New Naira Notes Scarcity

The House of Representatives has directed deposit money banks, also known as commercial banks, to appear before lawmakers on Wednesday to discuss the scarcity of new naira notes.

Under the auspices of the Bankers’ Committee, an ad hoc House committee led by Majority Leader Alhassan Ado-Doguwa will meet with the Managing Directors/Chief Executive Officers of the banks.

The banks were invited to the plenary on Tuesday to explain the Central Bank of Nigeria’s alleged supply shortage (CBN).

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Following that, the lawmakers would question the CBN’s leadership.

The House also agreed to extend the period for exchanging old notes for new ones by six months.

At the start of the session, a motion of urgent public importance moved by Sara Soli, a member of the House from Katsina State, was unanimously adopted.

Despite the fact that Nigerians have limited access to the new N1,000, N500, and N200 notes, the CBN is insisting on the January 31 validity deadline, according to Soli.

The House summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, in December to discuss the apex bank’s latest policy.

Emefiele, on the other hand, failed to appear before the House on two occasions; instead, the lawmakers grilled Aisha Ahmad, Deputy Governor, Financial System Stability, Central Bank of Nigeria, who led the Committee of Governors before the lawmakers.