Reps Knock Emefiele Over Non-Adherence To CBN Act

The House of Representatives has slammed the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over his non-compliance with the CBN Act.

Naija News reports that the Speaker, of the House of Representatives, Femi Gbajabiamila, stated this on Thursday on the floor of the Green Chamber.

He said Emefiele had not been complying with the CBN Act regarding periodic engagements with and approvals from the National Assembly on monetary policies.

Addressing the CBN Deputy Governor in charge of Financial System Stability, Aisha Ahmad, the Speaker said it is obligatory of the apex bank under Section 8 of the CBN Act to brief the House on its monetary policies.

Gbajabiamila also berated the apex bank governor over the time given for the new naira notes to take effect, saying that the time is too short for Nigerians.

He said, “It was not optional; it is obligatory of the CBN under Section 8 of the CBN Act to brief this House on your monetary policies. There is a reason that provision is in the law. That was not done. It took the prompting of the House, not once, not twice but three times to have the CBN come for this briefing that we are not even asking for. It is an obligatory briefing under the CBN Act, Section 8.

“Two, I want to address the issue of – although you may say the horse has left the stable – the redesigning of the naira. All your policies may be of good intentions, but they say the road to hell is sometimes paved with good intentions.

“We are aware of the Bank of England, we are aware of the US. Just recently, the Bank of England changed their notes to the King Charles notes, and the bank made a publication that it would not come into effect until 2024. In other words, they gave a year’s notice in a cashless society.

 “How then can we rationalise two, three months’ notice in a ‘cashfull’ society? And not only do they give that kind of notice, in the United States, and in other places, even when the law or the policy takes effect, you are allowed to continue to use the old notes at the same time until it is completely phased out. So, these are questions that are begging for answers.”