New Naira Scarcity: Reps Bows, Commends CBN on the New

…as Gbajabiamila drops warrant of arrest threat

The Governor CBN, Godwin Emefiele on Tuesday finally honoured House of Representatives ad-hoc committee invitation after several failures, promising Nigerians will not lose value of their naira after February 10 deadline.

TheNewsGuru.com, (TNG) recalls the House Speaker, Femi Gbajabiamila had last Thursday vowed to sign a warrant of arrest of the Governor of the Central Bank of Nigeria CBN, Godwin Emefiele, if he fails again to appear before the House Adhoc committee to investigate the scarcity of new Naira notes.

But the CBN Governor at the meeting with the committee assured that section 20 (3) of the CBN Act will be strictly implemented to the letter.

He said that
Nigerians will not lose the value of their money after the February 10 deadline if not deposit and noted that the use of the old naira as a legal tender stands.

Emefiele explained why the paucity of the new Naira notes and benefits of cashless policy.

He said: “Let me say that you are all aware that currency management is a key function of the CBN Act section 2(3).

“We have done our best working and with your support will continue to do our best.

“Besides the general practice across the globe and it is that after 5-8 years the CBN is supposed to redesign the currency and in the last 19 years we have not had a redesign of our currency.

According to Emefiele, the apex bank is suppose to be in control of the supply of currency but most of the money are kept in homes instead of deposit money banks.

He said monies running into trillions are in the possession of some individuals hence the need for the policy to have firm control of supply after.

The CBN Governor said he had held several meetings with the deposit banks to load the new notes into ATMs to ensure an equitable and transparent mechanism.

He expressed disappointment that banks are using the monies meant to be used for the purpose at parties.

Although the House leader expressed disappointment over the failure of the regulator of the system not to appear.

Their major concern is about the livelihood of the people. They say yes the apex bank has the powers to introduce new notes but why less than 30 days to the General Election.

Details later…..