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Tag: Naira redesign

  • Valentine: Nigerians compelled to prioritise, save, as cash crisis persists

    Valentine: Nigerians compelled to prioritise, save, as cash crisis persists

    Access to cash remains a major challenge for Nigerians despite efforts by the Central Bank of Nigeria (CBN) to monitor distribution of the new naira notes through its Banks’ Branch Spot-Checks on ATMs and many cash-starved citizens are worried the situation would impact the valentine’s day celebration.

    For weeks, cash-starved citizens have experienced perilous times making cash withdrawals from their deposits with commercial banks, leading to protests and attacks on several bank facilities in the country.

    Trade blames between the CBN and commercial banks over the poor circulation of the newly designed naira notes led to a nation-wide monitoring exercise by the apex bank.

    The Banks’ Branch Spot-Checks on ATMs was carried out in collaboration with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC), in exercise of the CBN’s administration and control functions over the monetary and financial sector.

    This action uncovered stacks of cash hoarded by the banks which they had deprived their customers of having and led to the arrests of some bank staff.

    But regardless of these measures and despite assurances from the regulator and the Supreme Court’s ruling, the situation has worsened as even Point of Sales (POS) operators are also unable to meet the demand for cash withdrawals, while over-the-counter and ATM withdrawals remain restricted to between N1000 – N5000 per day.

    According to a recent report on the average amount spent on valentine’s day gifts by individuals across different countries in 2021, Nigerians spent an average of EUR 24 (N11,295) on Valentine’s day.

    It went further to state that men spend more on Valentine’s gifts (N22,154) than women (N10,000) and 91 per cent of Nigerians celebrate Valentine’s day while only 9 per cent do not.

    However, with the cash crisis biting even harder, many Nigerians are now compelled to cultivate a lifestyle of saving, as they starve themselves off certain wants and pleasures which may translate into investment and impact interest rates.

  • Emefiele is targeted by desperate politicians, pray for him – Ben Bruce raises alarm

    Emefiele is targeted by desperate politicians, pray for him – Ben Bruce raises alarm

    Senator Ben Murray-Bruce has raised alarm for the safety of the governor of the Central Bank of Nigeria, Godwin Emefiele, as he is allegedly being targeted by desperate politicians.

    Emefiele has come under strong criticism by many politicians who are against his Naira redesign policy.

    In a post shared on Twitter, Murray-Bruce said that Emefiele is ??God-sent” and that for the first time, vote buying will be eliminated.

    He said: “Godwin Emefiele is a God sent to this nation. For the first time in forever, vote buying will be almost eliminated. In a country with 130 million multidimensionally poor people, this is a giant step for democracy”.

    “I urge all patriotic Nigerians to pray for his safety as he is targeted by desperate politicians”.

    See Tweet:

  • Naira redesign: Embrace eNaira and internet banking, CBN tells Nigerians

    Naira redesign: Embrace eNaira and internet banking, CBN tells Nigerians

    The Central Bank of Nigeria (CBN) has expressed concern over the challenges being experienced by the citizens in getting cash from their bank accounts and other alternative channels.

    The  Director, Corporate Communications Department in the bank, Mr Osita Nwanisobi stated this during the CBN Special Day at the ongoing 44th Kaduna International Trade Fair, on Saturday in Kaduna.

    Represented by Mohammed Abbah, Director, Capacity Development in the bank, Nwanisobi said the advantages of the currency redesign were overwhelmingly enormous and would benefit the economy in the long run.

    “Indeed, there have been reports of occasional transaction failures, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.

    “We, therefore, urge Nigerians to embrace alternative payment channels, such as eNaira and internet banking as we embrace the cashless policy,” he said.

    Nwanisobi said the policy was not targeted at anyone or any group of persons rather aimed at strengthening Nigeria’s macroeconomic fundamentals and better our socio-economic conditions.

    He said the aim of the currency redesign was to make the country’s monetary policy more efficacious which resulted to relatively stable exchange rate.

    The Director said the policy also aimed at combating banditry and ransom-taking while increasing financial inclusion by reducing the number of the unbanked population in the country.

    According to him, the CBN is focus on stimulating productivity in the manufacturing sector, strengthening domestic industries, transforming agricultural output to ensure self-sufficiency and shield local economy from harm.

    He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently unveiled the National Domestic Card Scheme, the first in Africa.

    The initiative, he said, would lower operating cost incurred by banks through huge charges for foreign card schemes while reducing foreign exchange commitments associated with operating such cards.

    According to him, the apex Bank has released funds to support various initiatives such as the Anchor Borrowers’ Programme (ABP), the Commercial Agriculture Credit Scheme (CACS), and the Tertiary Institutions Entrepreneurship Scheme (TIES) between 2015 till date.

    “Similarly, the bank has supported the Micro, Small and Medium Enterprises (MSMEs) sector, the Agribusiness/Small and Medium Enterprise Investment Scheme(AgSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF).

    “Under the Export Development Fund (EDF) and Export Facilitation Initiative (EFI), the CBN has funded several projects for non-oil export commodity value-addition and production in excess of N11 billion and N3 billion, respectively”.

  • Naira redesign: How APC Govs. outmanoeuvred CBN to extend deadline for old notes

    Naira redesign: How APC Govs. outmanoeuvred CBN to extend deadline for old notes

    The Federal Government has filed a suit challenging the Supreme Court’s ruling on Wednesday which granted the relief sought by three All Progressives Congress (APC) governors to extend the deadline for the use of the old naira notes beyond February 10, 2023.

    The Governor of Central Bank Nigeria Godwin Emefiele, had announced February 10 as the new deadline for the legal tender status of the old N1000, N500 and N200 notes following a public outcry that trailed the scarcity of the new naira banknotes less than 48 hours to the initial target date of January 31.

    However, contrary to expectations, the extension has not improve circulation of the new notes as commercial banks reportedly restrict cash flow, forcing citizens to buy back their savings from agents such as Point of Sale (POS) operators, for between 10-30 per cent of the amount needed.

    Consequently, Governors Nasir El-Rfai of Kaduna, Yahaya Bello of Kogi and Bello Matawalle of Zamfara, approached the Supreme Court to restrain the federal government through the CBN from enforcing the February 10th deadline, listing the Attorney-General of the Federation (AGF) Abubakar Malami, as the sole defendant.

    The Governors through their legal counsel Abdulrakeem Mustapha argued that many citizens were yet to see the newly redesigned naira notes let alone participate in the cash swap programme, despite assurances by the government to make the currency available.

    A seven-member panel led by Justice John Okoro, granted the relief sought by issuing an order of Interim Injunction restraining the federal government from enforcing the February 10 deadline, pending the hearing and determination of their motion on notice for interlocutory injunction on February 15th.

    The ruling came two days after a federal capital territory (FCT) High Court delivered a ruling compelling the CBN to go ahead with the full implementation of the naira redesign policy.

    The judge of the FCT high court Eleojo Enenche, also ordered the CBN not to extend the deadline pending the determination of the suit.

    “An order of interim injunction is hereby made restraining the defendants whether by themselves, staff, agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February, 2023, pending the hearing and determination of the motion on notice,” the court held.

    Reacting to Wednesday’s counter-ruling, the Minister of Justice said that the Supreme Court lacked jurisdiction to entertain the matter since it was not a dispute between the federation and the state governments, but merely an issue about CBN’s policy and asked the court to dismiss the suit.

    Similarly, a former Chairman of the Nigerian Electricity Regulatory Commission (NERC) Sam Amadi, also queried the Supreme Court’s ruling: “Why can’t the Supreme Court adjourn for a day and hear the matter on merit? Why issue an exparte order that invariably grants the main relief?”

    But human rights lawyer Inibehe Effiong, expressed the view that the new Naira notes and the limits on cash transactions and withdrawal was a threat to corrupt political actors who are planning to buy votes during the February 25th election.

    Effiong also accused commercial banks in the country of “economic terrorism”, saying that the banks were working for some criminal elements and profiting from the suffering of citizens.

    He tweeted: “Yahaya Bello and El-Rufai are suddenly governors that care about the masses and public opinion? El-Rufai that has demolished the homes of people, sacked workers and opposed industrial actions by labour unions is suddenly interested in hardship occasioned by new Naira notes? ?”

     

  • Naira redesign: Don’t make Nigerians scapegoats, says Atiku

    Naira redesign: Don’t make Nigerians scapegoats, says Atiku

    The PDP standard bearer, Alhaji Atiku Abubakar, has told the Federal Government not to allow Nigerians to be made scapegoats “in the ongoing battle of titans over the redesign of the naira’’.

    Atiku made the appeal in a statement by his media aides in Abuja on Tuesday.

    He said that the Federal Government had a duty to swiftly see to it that commercial banks did not constitute themselves into stumbling blocks on “the well-thought out policy of naira redesign.

    “It is commendable that the Federal Government has rather preferred to work behind the scenes, based on the intelligence it is believed to have received, regarding suspicions that some presidential candidates may have stashed billions of naira as war-chest for vote-buying.’’

    The former vice-president lamented that there had been widespread anxiety across the country, arising from poor execution of the naira redesign policy by commercial banks in the country.

    “Businesses and cash-dependent small holder enterprises are all currently in serious distress. This should be addressed urgently to save the economy from collapse.’’

    Atiku said that he had on Jan. 28, made a crucial intervention on the redesign of the naira, calling on the Federal Government and the CBN to consider adjusting the deadline date, to address the challenges being faced by members of the public.

    He re-stated that the policy was being mismanaged, unlike what obtained in other parts of the world, where similar policies were implemented.

    According to him, millions of Nigerians are being driven into grave desperation and despondency on account of the shortcomings of the execution of the policy.

    “In recent weeks, social tension has been growing across Nigeria on account of the poor management of the redesign of the naira policy,’’ the presidential hopeful added.

  • BREAKING: I will make a decision on Naira redesign in 7 days – Buhari

    BREAKING: I will make a decision on Naira redesign in 7 days – Buhari

    President Muhammadu Buhari has decided to make a critical decision in seven days following the policy of the Central Bank of Nigeria to change high-value Naira notes with new ones.

    Mr. Femi Adesina, the President’s spokesman in a statement, said Buhari stated this during a meeting with the Progressive Governors Forum on Friday at the State House.

    The APC Governors were in the Presidential Villa to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.

    According to President Buhari, the currency re-design will give a boost to the economy and provide long-term benefits.

    He, however, expressed doubts about the commitment of banks in particular to the success of the policy.

    “Some banks are inefficient and only concerned about themselves.

    ”Even if a year is added, problems associated with selfishness and greed won’t go away,” he said.

    He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension would be used to crackdown on whatever stood in the way of successful implementation.

    “I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the president assured.

    The governors told the president that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

    They told the president that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming.

    They requested the president to use his powers to direct the concurrent flourish of the new and old notes till the end of the year.

    The president said when he considered giving approval to the policy, he demanded an undertaking from the CBN that no new notes would be printed in a foreign country and they, in turn, gave him assurances that there was enough capacity, manpower and equipment to print the currency for local needs.

    He said he needed to go back to find out what was actually happening.

    Buhari told the governors that, being closer to the people, he had heard their cries and would act in a way that there will be a solution.

  • INVESTIGATION: How CBN, DMBs, POS operators connive to swindle Nigerians, cause economic sabotage  

    INVESTIGATION: How CBN, DMBs, POS operators connive to swindle Nigerians, cause economic sabotage  

    “I went to the ATM this morning to withdraw, no money. So I decided to use the banking hall and after queuing up for over 30 minutes, the bank attendant said they can only give N2, 000 in N50 denomination. I angrily walked out of the bank,” a resident of Lagos, Ijeoma Igwe lamented.

    Another disappointed bank holder Godwin Enakhena, said: “I have been to six banks within Ikeja trying to use an atm but none is dispensing cash. I went into each of these banks but they’re not paying anyone. Their reason is that they don’t have the new notes and are not allowed to pay with the old notes”.

    On February 25, Nigerians will elect a new leader that will succeed President Muhammadu Buhari, but the main concern for the average citizen today is getting money to solve their daily needs as the effect of the naira redesign and cash swap programme embarked upon by the Central Bank of Nigeria (CBN) has left many desperate and grounded business activities.

    The naira redesign is believed to be targeted at stopping vote buying in the 2023 general election scheduled for February 25 and March 11, while the cash swap programme which is being implemented across the country in partnership with super agents and commercial banks also referred to as deposit money banks (DMBs), was developed to facilitate the circulation of the new naira notes, especially in unbanked communities.

    “Agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered Know-Your-Customer KYC Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,” the CBN said.

    However, even in major cities such as Abuja, Lagos and Port-Harcourt, many bank account holders are finding it extremely difficult to access cash and some have also reported service failure while making digital transactions using some bank applications, leaving them completely stranded.

    Many account holders with Zenith Bank say for more than three consecutive days, they have been unable to make withdrawals from their debit cards or mobile transactions using the bank’s app, leading to anger and frustration for many.

    Aminu Hassan tweeting with the handle @AminuHa92948434 wrote: “The network problem I’m facing with my zenith bank acct is beyond imagination, imagine for good three days I can’t transfer money in to someone’s acct???”

    Another account holder simply identified as Madox, has also called out the bank for making authorized deduction from his domiciliary account on Tuesday when he did not initiate any transaction.

    “I noticed that a total of $11.031 (about N5,060, 000 at the official rate and N8, 305, 000 at the black market exchange rate) was missing from my Domiciliary account. The money is showing in my ledger balance but it’s not showing in my account balance,” he said, adding that when he contacted the bank, he was told that someone had made fraudulent transactions with his account.

    New Cash Limits Undermine Existing Law – Falana

    Reports monitored across the country also indicate that many commercial banks either outrightly shutting their gates against customers or have limited the amount of cash they can access to between N1, 000 – N5, 000 per day.

    The banks insist they have very limited or no cash to give to customers and for a country seeking to increase public trust towards banking system, some analysts have said the current situation can cause people to move away from banking as these institutions which run on the deposits of people were now acting contrary to its nature and objective existence.

    After initially denying the naira scarcity, the CBN has threatened to impose stiff sanctions any financial institution found to be hoarding the new naira notes.

    Director of the Payment System Management Department Musa Jimoh, stressed that the CBN had “massively supplied” the new notes to banks to dispense both at counters and Automated Teller Machines (ATMs).

    However, Human rights advocate Femi Falana, faulted the CBN’s new cash withdrawal policy that limits over-the-counter cash withdrawals by individuals and corporate entities to N100,000 and N500,000, respectively weekly.

    Falana said citizens have the option to withdraw money upon demand to the tune of N5 million and N10 million for individuals and corporate entities respectively, according to section 2 of the money laundering act, 2022.

    The section of the act states: “(1) No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding—(a) N5,000,000 or its equivalent, in the case of an individual; or (b) N10,000,000 or its equivalent, in the case of a body corporate.”

    The lawyer explained: “Since the money laundering act has not been amended, the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the Central Bank of Nigeria is illegal, null and void in every material,” Falana said.

    POS Operators Gain from Naira Racketeering

    Meanwhile, while commercial banks claim not to have sufficient cash to meet demand, operators of Point-of-Sale Machine (POS) have more than enough cash to give but charge a service fee of 10 per cent of the requested amount, a development many Nigerians describe as extortion and robbery.

    A POS operator in Yaba, Lagos state, Asmau Oladimeji, said she buys the naira and in order to get return on her investment, she has raised her service fee from two per cent to 10 per cent. She however, refused to name the vendor from whom she buys the naira.

    For example, the cost of withdrawing N10, 000 which used to be N200 is now N1, 000 and N20, 000 which previously attracted a fee of between N300-N400 naira now costs N2, 000. This fee applies to not only new banknotes, but including the old N1, 000, N500 and N200 notes which would cease to be legal tenders by February 10.

    An unauthorised agent Oluwadarasimi Emma was arrested Wednesday by officials of the Independent Corrupt Practices and other related offences Commission (ICPC), for offering the newly-introduced currency notes for sale online.

    Emma, a dealer skincare products and other travel services was detained for allegedly selling the new naira notes to the public via a microblogging platform, according to a statement by ICPC’s spokesperson, Azuka Ogugwa.

    The anti-corruption agency said it believed the suspect colluded with key elements in the financial services sector to divert the newly-introduced currency notes to the “black market”.

    The Department of State Services, DSS, also arrested some members of an organised syndicate selling the new naira notes in parts of the country on Monday, and indicted some commercial bank officials reportedly aiding and abetting the act.

    However, despite the high service charge, POS operators currently remain the main source for cash withdrawals up to a daily limit of N20, 000.

    SMEs Suffer as Naira Scarcity Grounds Businesses

    Small and Medium Enterprises (SMEs) and entrepreneurs which play a significant role in driving innovation and growth in all economies, have been worse hit by the naira scarcity and have received a double shock.

    Many have reported decline in the demand for goods and services partly due to the lack of access to cash by the spending public, service failure experienced during electronic transfers and the unwillingness of business owners to accept the old notes for transactions.

    There has also reportedly been increased lateness and low turnout at the workplace as some staff find it more convenient to operate from home in view of the cash crisis, the only snag being that they would also have to grapple with the challenge of epileptic power supply.

    Reacting to the situation, a businesswoman Racheal Ajani, said: “It is rather unfortunate that now banks seem to be neither that place where people can keep their money safe nor the service provider who operates with the motive of benefiting and serving common people.”

  • Naira Redesign has reduced Banditry, Kidnapping – Emefiele

    Naira Redesign has reduced Banditry, Kidnapping – Emefiele

    Following the scarcity of new notes that has hit the nation as a result of Naira redesign, Godwin Emefiele, the Central Bank of Nigeria (CBN) Governor, on Tuesday, appealed to lawmakers and Nigerians to demonstrate understanding, insisting that the apex bank was out to fight the incidence of insecurity in Nigeria.

    The CBN Governor, added that the kidnapping and bandity has greatly improved in the country due to Naira redesign.

    He stated this during the call in Abuja before the House of Representatives’ fact-finding ad hoc committee on the scarcity and the deadline for the old Naira notes.

    Emefiele urged those affected by the policy to bear with the apex bank, while urging Nigerians to comply with all directives.

    He said, “At this initial stage, there will be hitches, but it’s to make the Nigerian economy better and stronger.

    “The redesigned naira notes and CBN’s cashless policy has moderated inflation in the country and curtailed the activities of kidnappers and bandits.

    “Inflation is moderating, the exchange rate is stable, and we’re hoping that the naira can be stronger.”

  • Naira redesign: Over 17 million Nigerians abroad have nowhere to exchange old banknotes

    Naira redesign: Over 17 million Nigerians abroad have nowhere to exchange old banknotes

    Nigerians in the Diaspora have been excluded from the ongoing cash swap programme launched by the Central Bank of Nigeria (CBN) and are left stranded with the old banknotes as no provision has been made to accommodate them in the programme.

    The cash swap programme is part of efforts by the CBN to fast-track on its naira redesign initiative by facilitating the circulation of the new naira notes, especially across local government areas and unbanked communities in Nigeria through agency banking that allows banks to offer their banking services without having traditional branches in areas that do not have easy access to financial services.

    Governor of the CBN Godwin Emefiele, disclosed last December that more than 80 per cent of the currency in circulation was outside the vaults of commercial banks and that the naira redesign policy would aid cash mop-up.

    “The integrity of a local legal tender, the efficiency of its supply as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

    “We believe that redesigning the N200, N500 and N1000 bank notes, will certainly reduce the cost of cash management, reduce the volume of cash in circulation, disrupt counterfeiting activities and enhance the adoption of digital and electronic transactions,” Emefiele said.

    Reacting to the cash swap programme, some Nigerians in the Diaspora have lamented the lack of provision for them to also exchange their old banknotes for new ones, as the CBN has announced that all old N1000, N500 and N200 notes would cease to be legal tender after February 10.

    A Nigerian residing in the United States, Colin Udoh, has asked the Nigerians in Diaspora Commission (NIDCOM) to intervene in the situation as many Nigerians abroad are stuck with old banknotes with nowhere to exchange them.

    “I have some old naira notes with me. So far, I haven’t seen or heard of any plans by the Central Bank of Nigeria for folks in Diaspora with old naira notes to exchange theirs,” Udoh said.

    Another Nigerian in the Diaspora, Johanna Fadeyi, explained that many Nigerians abroad have what they call “loose change” that can range between N1000 and N100,000, which they use to sort out expenses at the airports since Nigeria was still largely a cash economy.

    Responding to the appeal, Chairman and Chief Executive Officer of NIDCOM Abike Dabiri-Erewa expressed utter surprise to hear that Nigerians abroad were in possession of naira notes.

    Tweeting with her official handle @abikedabiri she wrote: “Do Nigerians in Diaspora keep or spend Naira notes abroad? Am I missing something??”

    Dabiri-Erewa’s reaction confirmed that more than 17 million Nigerians living abroad were not considered in the naira redesign policy.

  • Naira redesign: Reps to issue warrant to IGP to compel CBN’s summon

    Naira redesign: Reps to issue warrant to IGP to compel CBN’s summon

    The House of Representatives says it will not hesitate to issue a warrant to the Inspector General of Police (IGP) to compel the appearance of Mr. Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), for refusing its summon.

    The House also threatened to issue similar warrant leading to the arrest of the Managing Directors (MDs)  of commercial banks who failed, refused or neglected to honour its summons.

    The Speaker of the House of Reps, Femi Gbajabiamila, disclosed this at the plenary in Abuja on Thursday.

    Rep, Alhssan Ado Dogwu, Chairman, ad hoc committee set up to interface with the CBN and bank MDs on scarcity of the new notes and the deadline for the old notes, had briefed the House on the failure of CBN to appear before it.

    A visibly angry Gbajabiamila said that, though Emefiele is a friend, but beyond this, “I have a constitutional responsibility to discharge for the people we represent.”

    He said the refusal by the CBN and bank MDs to heed the invitation of the House was evidence in the blatant disregard to the people and an insult to the parliament.

    “If at the end of today, there is further disregard, I will not hesitate to issue a warrant to the IGP to compel the arrest of CBN and MDs of banks.

    “Apparently, it appears the Governor and his people will not be showing up today but I will still give them the benefit of the doubt, they have a few more hours to rethink and show up,” he said.

    He told the committee to go into the committee room and await their arrival, adding that if they did not show up, the House would take the step it needed to take.

    He said this was sequel to the House response to a motion of urgent public in importance in section 89, 1(d) of the constitution and Order 19, 2, 1 of the Standing Order of the House of Reps.

    He said the House recognised the CBN’s authority to determined the country’s legal tender and to recall currency with reasonable notice subject to the approval of the president.

    “The House is also aware that section 20 sub section 3 of CBN Act mandates the CBN to redeem the face value of the recall currency upon demand even after the expiration of notice of recall.

    He added that this was notwithstanding the deadline imposed by the CBN, adding that the House would see to it that the provision of the law was honoured in full.

    Explaining further, Gbajabiamila said the law allowed the CBN to change the legal tender, adding that after the expiration date, such old naira notes would no longer be legal tender.

    “But it says that even five, three, and two months after, only old notes presented to the bank shall be redeemed by the bank.

    “That point needs to be made to the CBN and the public but it has not been made. It is a provision of law,” he said.

    Buttressing his point further, Gbajabiamila said, “In 2009 and 2010, the then CBN Governor, Charles Soludo, introduced polyma notes and wanted to phased out 5, 10, 20 and 50 naira notes.

    “There was public outcry because of the time, at the end of the day it was halted and he did what all known CBN all over the world did”.

    He said Soludo introduced the polyma and allowed the old notes to continue until everything was moped up by the bank.

    The House of Reps had on Jan. 24 summoned bank operators and CBN, on the scarcity of the new naira notes.

    This is sequel to the adoption of a motion of urgent public importance by Rep. Sanda Soli (APC-Katsina) at the plenary.

    However, the CBN, in a letter written to the House, said Emefiele was part of President Muhammadu Buhari’s delegation to Dakar, Senegal, hence he would not be available to appear before the House.