Emefiele Finally Appears Before Reps Over New Naira Notes
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News - January 31, 2023

Emefiele Finally Appears Before Reps Over New Naira Notes

Godwin Emefiele, Governor of the Central Bank of Nigeria, has after numerous summons appeared before the ad-hoc committee of the House of Representatives. The committee which is investigating the scarcity of the new naira notes is chaired by the majority leader of the house, Alhassan Ado-Doguwa.

Addressing the committee, Emefiele explained that he failed to honour their previous invitations because he has not been in the country. He also spoke on the reason for the redesign of the naira.

Emefiele speaks on the naira redesign

Emefiele who appeared before the reps in the company of some top officials of the apex bank stated that the CBN’s actions were in line with international best practices.  Noting that the apex bank was in charge of controlling the amount of currency in circulation, Emefiele hinted that 1.4 trillion naira was in circulation in 2015. He also bemoaned the upward increase as he revealed that the amount rose to 3.33 trillion naira in 2022.

The CBN Chief agreed that the policy and its guidelines will affect some persons. But, stressed that the redesign was in the best interest of the country, as it will help in addressing the issue of insecurity.

Going further, Emefiele addressed the trend of new naira notes being available at parties. He disclosed that he is having meetings with commercial banks to nip the trend in the bud. The Governor also explained his reason for directing banks to ensure only ATM withdrawals. He said the instruction was to limit the daily withdrawals of individuals. 

Recall that a few days ago, the Speaker of the House of Representatives, Femi Gbajabiamila threatened to issue a warrant of arrest on Emefiele, and some bank directors, if they fail to honour the invitation of the green chamber over the scarcity of 3 newly redesigned naira notes.

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