Emefiele Succumbs, Appears Before Reps Over Redesigned Notes | READ MORE
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has finally appeared before the House of Representative ad-hoc committee to answer questions bordering on the scarcity of the newly redesigned naira notes.
Explaining his failure to honour the invites of the committee, Emefiele said he had been out of the country on important assignments.
Speaking on the redesign of the naira, he said the CBN’s actions were in line with international best practices and the apex bank has to be in control of the currency in circulation.
He explained that the reason for directing banks to ensure only ATM withdrawals, was to limit the daily withdrawal of individuals.
Emefiele regretted that the new policy will inconvenience some persons, however it was a necessary move for the best interest of Nigeria and also to help combat insecurity.
He frowned at the seeming scarcity of the naira notes at banks but are seen at parties. He assured that the matter would be addressed as he is in meeting with commercial banks.
Recall that the Speaker of the House of Representatives, Femi Gbajabiamila, had threatened to arrest Emefiele for failure to honour the House’s invites.
