CBN Gov Assured will Continue to Redeem Old Naira Notes After Deadline
CBN Gov Assured will Continue to Redeem Old Naira Notes After Deadline

The Governor of the Central Bank of Nigeria CBN Godwin Emefiele, finally appeared before the Adhoc Committee on Cash Swap Policy on Tuesday.after severally failing to honour their invitations.

Emefiele while noting  in his presentation that the introduction of the new Naira notes have helped curb Insecurity and banditry as well as recover the economy since it's introduction further revealed that out of the over 2.7 trillion naira outside the banking system in 2022, One point nine trillion naira (1.9 trillion) have been recovered by the Central Bank of Nigeria since November 2022.

CBN Boss faulted some commercial banks, accusing them of breaching the guidelines given by the CBN on the distribution of the new notes, saying the apex bank is now working with anti-graft agencies to monitor the flow of the new notes to the people.

Earlier in his address, the Committee Chairman Hon. Ado Dogua stated that the concern of the Adhoc Committee is how the policy is affecting Nigerian, the countries economy and compliance to the law as the policy has created a lot of controversy among Nigerians.

Recall that before the  appearance Central Bank Governor,Godwin Emiefele today,  the House at plenary last week Thursday had threatened to invoke the relevant sections of the law to issue a warrant of arrest on the governor while insisting that the CBN should extend it's deadline and argued that Section 20 subsection 3 of the CBN establishment act clearly states that even when the old naira notes stop being a legal tender, the notes can still be deposited in the banks, a position the CBN Governor Admits to.  

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