Emefiele finally meets reps over new naira notes crisis

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has arrived at the House of Representatives to meet with the House Ad-hoc Committee working on the new currency policy. The House had invited the CCBNgovernor over over the crisis caused by the new naira notes. The committee headed by the House Leader, Alhassan Ado Doguwa, […]

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has arrived at the House of Representatives to meet with the House Ad-hoc Committee working on the new currency policy.

The House had invited the CCBNgovernor over over the crisis caused by the new naira notes.

The committee headed by the House Leader, Alhassan Ado Doguwa, was set up to liase with the CBN and commercial banks on the implementation of the policy.

It had earlier invited Emefiele to speak on issue and called for extension of the January 31st dealine which would have expired today.

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However, the CBN had already extended the period by 10 days to enable Nigerians deposit their old N1000, N500 and N200 notes.

The outcome of today’s meeting will determine whether or not the period will be extended or not.

Earlier, Emefiele informed the committee that his inability to appear before it was not intended to undermine the committee or the House.

He said he was absent on the two occasions because in the first instance he was away on official leave while on the other, he was part of the presidential delegation to Dakar, Senegal.

The CBN governor said currency management was the prerogative of the apex bank as enshrined in its Establishment Act 2007.

He said it is a global practice that the nation’s currency undergoes a periodic change which was not done in the last 16 years.