Reps set-up Adhoc Committee to meet with Bank MDs, CBN to address shortage of New Naira Notes .
Reps set-up Adhoc Committee to meet with Bank MDs, CBN to address shortage of New Naira Notes .

The House of Representatives has set up a fourteen member adhoc committee to meet with the Bankers Committee and the management of the central bank of Nigeria to meet on Wednesday January 25, 2023, address the scarcity of the newly designed naira notes as well as limited  circulation of the note in most parts of the country.

The green chamber has also call for the extension of implementation the cashless policy to six(6) months to make the new notes available .

These resolution is sequel to a motion of urgent importance by Hon. Sada Soli at plenary on Tuesday, on the need for the CBN to review and extend timeline for currency swap.

The lawmaker who called for the review of the cashless policy also said that the CBN is to ensure price stability  noting  that  banks are places where people keep their money for safety.

He agreed that the cashless policy is in tandem with global best practices but observed that the deposit money banks in Nigeria do not have what it take to ensure this is achieved.

He further lamented that the CBN has refused to listen to the cry of people to extend the timeline of the currency swap, saying the rigidity of the policy may affect the economy and therefore calls that the apex bank should “keep their policy closer to reality”.

According to the Lawmaker, the policy though good ,will not be fair on the new government and will impact negatively on Macro economy.

Other Lawmakers while making their contribution commended the policy but insist that it should be implemented in phases for people to change their monies or deposit them in banks.

 The House further urged President Muhammadu Buhari to intervene on the deadline issues by the CBN.

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