Reps Summon Banks Over New Naira Notes Scarcity

Deposit Money Banks also known as commercial banks have been directed by the House of Representatives to appear before lawmakers on Wednesday over the scarcity of new naira notes.

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

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

The lawmakers, thereafter, would invite the leadership of the CBN for questioning.

The House further resolved that the window for swapping the old notes with the new ones be extended by six months.

The resolution followed the unanimous adoption of a motion of urgent public importance moved by a member of the House from Katsina State, Sara Soli, at the opening of the session.

Soli noted that the CBN was insisting on the January 31 validity deadline for the new ₦1,000, N500 and N200 notes despite that Nigerians have limited access to them.

The House had in December summoned the Governor of the CBN, Godwin Emefiele, over the latest policy by the apex bank.

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