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Friday, January 27, 2023

Scarcity of new Naira notes causes panic, Reps to meet with CBN officials today –

As the Jan. 31 deadline to clear old naira notes looms, many Nigerians are in a state of panic over the scarcity of new notes.

A survey by Ripples Nigeria on Wednesday revealed that many banks in the Ketu region have adopted a fixed withdrawal amount to ensure the fair distribution and circulation of banknotes.

But reports from other parts of the state, including the districts of Ikotun, Egbeda and Ejigbo, suggest that most banks have closed their ATMs because they do not have new banknotes in stock. Some customers have accused the bank of discreetly distributing new banknotes to certain classes of people in banking halls, in violation of the CBN directive.

To rectify the situation, the House Ad Hoc Committee communicated with the Central Bank of Nigeria (CBN) and the bank’s chief executive, and a meeting was scheduled for Wednesday, but it was put on hold due to the delay in delivery of the invitation letter to the invitees.

However, Ado Doguwa, chairman of the committee and majority leader of the House of Representatives, at the plenary meeting in Abuja assured that the meeting will take place today (Thursday, January 26).

Doguwa said the meeting with the bank’s chief executive has been postponed until 1pm today and will be held at a later date.

“This is the ad hoc committee of the House of Representatives to communicate with the CBN and bank operators on issues such as addressing the strategy of phasing out old naira notes and putting new naira notes into circulation,” he said.

Also read:CBN refutes reports of scarcity of new naira notes

“We also had other factors that were discussed in the House yesterday and ultimately, the House mandated this ad hoc committee to come up with a strategy involving officials from the CBN and CEOs of commercial banks.

“So at this point, I am pleased to first inform the committee members that we have scheduled a meeting today (yesterday) based on the letter we signed only with the CBN officials, and we have scheduled the bank clerk to come up tomorrow (Friday).

“So, it’s like we’ve invited them individually from the beginning based on the nature of the engagement. It’s a fact-finding thing, and like I always say, it’s not a witch-hunt thing. It’s parliament A simple fact-finding mission, apparently a proxy for the Nigerian people. So, we decided to take it separately.

“We have a meeting today for the officials of the CBN and tomorrow for the CEOs of the bank operators and commercial banks, at this point I would like to communicate with the public, based on the information I have just received from the CBN, our The invitation was delivered to the bank late yesterday.

“At this point, I would like to convey to this committee, and to the public and the media present, that we have agreed to allow Cubic boron nitride The officials are coming tomorrow (today) at 1pm so we can engage with them and after engaging with them we will immediately engage with the bank operator. “

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