New Naira Note: Bank CEOs to Explain Naira Shortage to House of Reps

The House of Representatives has summoned the Chief Executive Officers, CEOs, of commercial banks to the green chamber to explain the reasons why the new naira notes are not available in large quantities for Nigerians.

The House made the resolution at today’s plenary session following the unanimous adoption of a motion of urgent public importance moved by Honourable Sara Soli, amidst the ongoing tussle between the Central Bank of Nigeria (CBN) and financial stakeholders on whether the deadline date of January 31, 2023 to exchange old notes with new notes should be changed.

“The CBN are in my constituency helping people to swap the old notes. The amount taken to my constituency, the amount is not enough. For 10 years, my constituents have not had access to banks,” Honourable Ahmed Jaha who seconded the motion said.

Investors King had repeatedly reported that the Central Bank of Nigeria had remained adamant on the deadline date despite calls from the Senate and other stakeholders for a change of date.

Speaker of the House, Femi Gbajabiamila, giving his opinion on the motion said that there was a need for further scrutiny into what is stalling the disbursement of the new notes.

“CBN is making spirited efforts. They were at the central mosques in Lagos. I am not sure if it is enough. As they say, the road to hell is paved with good intentions. The timing is what we have problems with. There is a need to review the policy. I think there is a need to add another prayer. The bank is saying they don’t have the money but the CBN is saying they have the money. We should invite the bank MDs to brief either the leadership or a small committee.”

For the purpose of the meeting with the bankers, the House had to set up an ad-hoc committee that will be chaired by the leader of the House, Alhassan Doguwa.

The Senate had earlier passed a resolution that the deadline of January 31, 2023 be extended to June 30, 2023.