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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 the leadership of the house on Wednesday January 25, 2023, to explain why the newly designed naira notes are not fully in circulation in the country days before the usage deadline.

The house also called for the extension of implementation of the swap to six months and make the new notes available.

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

The lawmaker who called for the review of the cashless policy, noted that the 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, lamented that the CBN has refused 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.



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