As the deadline for the use of the old bank notes of 1000, 500 and 200 naira draws closer, the house of Representatives has resolved to invite the Managing Directors and Chiefs Executive officers of banks to appear before the special ad-hoc committee of the house led by the Majority leader to brief the house on why the new notes are not available as expected.
This followed a motion of urgent public importance moved by member from Katsina state, Hon Sada Soli.
Rising to present the motion which called for the review of the cashless policy of the Central Bank of Nigeria, and the deadline on the use of old Bank notes.
Sada Soli said ” World over, currencies are phased out not forced out, in this instance, I am of the view that our currencies are being forced out, and there is need for some reviews, sensitization”.
He acknowledged that the policy is a good one but the timing is too short, stressing that unless there is an extension of the deadline, majority of Nigerians will be badly affected, if the old notes stopped from being legal tenders from 31st of January.
The speaker of the House, Femi Gbajabiamila equally acknowledged that the policy is good, and a review of it will not be bad idea, as such there is need for the leadership of the house to interact with major bank operators and the regulator to know the truth about the alleged non- availability of the new bank notes.
The House of Representatives however resolved to meet with the major bank operators Managing Directors on Wednesday, 25th of January to hear their side of story, regarding the position of the CBN that banks are hoarding the new notes, the interactions will also extend to the CBN thereafter.