Reps say Banks are obliged to collect old notes 5 months after deadline
The speaker of the house of representatives Rep. Femi Gbajabiamila has insisted that commercial banks are obliged to continue to receive fazed out notes until after 5 months of the change in the design.
The speaker was reacting to the failure of the CBN Governor and his officials to honour the invitation by the House on wednesday to brief it on the scarcity of the new notes to Nigerians.
Gbajabiamila while quoting section 20 subsection 3 of the Central Bank of Nigeria act that compels the CBN to also redeem the face value of the recalled currency upon demand even after the expiration of the recall and not withstanding the deadline imposed by the apex bank
He also stated that the duration of this excercise should be between a time duration of two to five months,insisting that this information must be passed to the CBN and the general public.
The house of representatives had invited the governor of CBN,Godwin Emiefele and bankers committee to appear before last Wednesday following a motion calling for explanation on the cashless policy as well as scarcity of the new naira notes across the country.