Emefiele shuns Reps, banks ration new notes

The House of Representatives may be on a collision course with the Central Bank of Nigeria over the redesign of naira notes and the January 31 deadline set for the exchange of the old notes with the new ones.

An ad hoc committee set up by the House to investigate the scarcity of the new naira at commercial banks on Wednesday frowned at the failure of the management staff of the apex bank to appear before it on Thursday.

This came barely two months after the CBN Governor, Godwin Emefiele, failed to appear before the House over issues relating to the naira redesign.

The House had on Tuesday called on the President, Major General Muhammadu Buhari (retd.), over the brewing crisis occasioned by the January 31 deadline.

Apart from asking the CBN to extend the window for swapping the old notes with the newly redesigned one by six months, the House had invited the banks to a meeting on Wednesday over the scarcity of new naira notes.

The managing directors/chief executive officers of the banks, under the auspices of the Bankers’ Committee, were to meet with an ad hoc committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa.

On Wednesday, the CBN failed to appear before the committee.

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