Emefiele Finally Appears Before Reps Committee Over New Naira Notes
CBN Governor, Godwin Emefiele finally appears before Lawmakers ad-hoc committee over the re-designed Naira
Godwin Emefiele, the CBN’s governor, is appearing before the House of Representatives’ special committee looking into the shortage of fresh naira notes.
Speaking to the committee, Mr. Emefiele said that he had been out of the country and had thus been unable to accept earlier invitations.
He stated that the CBN’s activities on the redesign of the naira were in accordance with global best practices and that the apex bank must have control over the currency in circulation.
According to Mr. Emefiele, the amount of money in circulation was N1.4 trillion in 2015 and N3.33 trillion in 2016.
He clarified that the purpose of ordering banks to guarantee that only ATM withdrawals were permitted was to restrict the amount that any one person may withdraw daily.
The head of the CBN bemoaned the recent occurrence of the new notes at gatherings and said that he was meeting with commercial banks to address this.
The 61-year-old acknowledged that some people will be harmed by the measures, but he insisted that the country needed them, particularly to battle instability.
Despite earlier demands and letters stating that he was in the US on a crucial assignment, Emefiele had declined to appear before the MPs.
Femi Gbajabiamila, the Speaker of the House of Representatives, continued by saying that he would not think twice about asking Usman Baba Alkali, the Inspector General of Police, to issue an arrest warrant for Emiefele in order to compel him to come before the House.
Emefiele said that many of the banks were hoarding the new notes, but the lack of the notes compelled the House to form an ad hoc committee to discuss the issues between the CBN and commercial banks.
The 31 January limit for utilization was set by the apex bank.