Governor of Central Bank of Nigeria, Godwin Emefiele has said naira redesign being implemented by the Central Bank of Nigeria is a general practice all over the world, saying for the step is being taken so that the apex bank can be in firm control of its currency.
Penangle.com had earlier reported that Emefiele showed up at the House of Representatives after the Speaker had on Monday threatened to issue a warrant of arrest on him.
Emefiele stated this when he appeared before a special ad-hoc committee of the House of Representatives set up to look into the challenges being faced by Nigerians regarding the new policy.
He appreciatees President Buhari that after 19 years, Nigeria is changing her notes, which ordinarily should be done in five years.
According to him, much progress has been achieved since the policy commenced, thanking Nigerians for their supports.
He said “President Buhari gave approval in Oct 6th, 2022, and in 2016, the total amount of naira notes in circulation was 1.4 trillion naira, but by year 2022, the volume of money in circulation has grown up to 3.23 trillion, but out of this amount, more than 2.7 trillion are outside of banking system making the mandate very difficult.”
Emefiele however said through this policy of cash redesign and cashless policy, about 1.9 trillion have been recovered from the 2.7 trillion outside the banking system previously.
He said issuing the new notes through the ATMs is most equitable distribution mechanism, regrettably, the apex bank boss said some commercial banks failed to heed this directive, with bale of new notes spent on at parties.
He appeals to Nigerians to bear with new policy, in the interest of the economy.
Earlier, Chairman of the special ad-hoc committee, and leader House of Representatives, Alhassan Ado Doguwa said the house did not have any problem with the new policy, but when such policy is affecting almost every facet of life, the House has constitutional duty to ask questions.
After further discussion, the CBN Governor reaffirmed commitment that the bank is on the same page with the House of Representatives, adding that Section 20(3) of the CBN ACT will be obeyed to redeem the face values of old notes after they might have lost their legal tenders status.