At last, CBN Governor, Emefiele, Appears Before House adhoc Committee on Naira redesign

The Central Bank Governor (CBN), Godwin Emefiele, at last appeared before the ad-hoc committee of the House of Representatives on Naira redesign,  which has been agitating for extension of swapping of the old notes with the new notes to June, while the CBN only extended to February 10, after the January 31 deadline.

Emefiele, appearing before the House on Tuesday, told the committee that he was out of the country, and, therefore, was unable to respond to earlier invitations.

Emefiele insisted that the CBN complied with international best practices in handling the Naira redesign, asserting that the CBN has to be in control of the currency in circulation.

The CBN governor disclosed that N1.4 trillion was in circulation 2015, and in 2022, the currency in circulation has risen to N3.33 trillion.

Emefiele stated that the CBN directed banks to only allow withdrawals from the ATM so as to limit the daily withdrawal of individuals.

The CBN governor condemned the spreading of the new Naira notes at parties. Emefiele had stated that the new notes are scarce because  many banks are hoarding the currency.