CBN – Reps Summons Banks Over Scarcity of New Naira Notes

On Tuesday, the House of Presentative became set to invite Deposit Money Banks, known as commercial banks, on Wednesday over the scarcity of new naira notes.

The House on Tuesday, that banks must give detailed reasons for the alleged shortage of supply of the new naira notes from the Central Bank of Nigeria. The lawmakers after which would invite the leadership of the apex banks for further investigation.

This meeting is to happen between the Managing Directors/Chief Executive Officers of the banks, under the auspices of the Bankers’ Committee, and an ad hoc committee of the House, chaired by the Majority leader Alhassan Ado-Doguwa.

The worry over the current CBN mandate, insisting on January 31 validity deadline for the new N1,000, N500 and N200 notes against the previous notes would seem impossible due to the limited access to the new notes.

This was moved by one of the members of the House from Katsina State, Sara Soli.

It was reported that a few days before the deadline, January 31 2023, banks and their Automated Teller Machines (ATMs) in Lagos, Abuja and other parts of the country were yet to dispense the new naira notes.

The house records since the introduction of the new naira notes have been one with dismay. Had in December invited the Governor of the CBN, Godwin Emefiele, over the latest policy by the apex bank, among which are the set limits to cash withdrawals from banks and other financial institutions.

 

Emefiele had failed to appear on two occasions before the House leading to the grilling of the Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, who led the Committee of Governors before the lawmakers.

 

 

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