Connect with us

Economy

BREAKING: Reps Invite Bank MDs, CBN to Explain Reasons For shortage of New Naira Notes on Wednesday January 25

court
Spread the love

By Gloria Ikibah

The house of representatives has resolved invited the Bankers Committee and the management of the central bank of Nigeria to meet with the leadership of the house on Wednesday January 25, 2023, to explain why the newly designed naira notes are not fully in circulation and not enough.

Advertisement

The house also call for the extension of implementation to 6 months, make the new notes available and for President Muhammadu Buhari to intervene on the deadline issues by the CBN
This resoltion is sequel to a motion of urgent importance by Hon. Sada Soli on Tuesday at plenary on the need for the CBN to review and extend timeline for currency swap.

The lawmaker who called for the review of the cashless policy also said that the CBN is to ensure price stability and that the banks are places where people keep their money for safety. He agreed that the cashless policy is in tandem with global best practices but the deposit money banks in Nigeria do not have what it take to ensure this is achieved.

He lamented that the CBN has refused to listen to the cry of people to extend the timeline of the currency swap, according to Hon Soli, the rigidity of the policy may affect the economy and therefore calls that the apex bank should “keep their policy closer to reality”.

Advertisement

The policy though good will not be fair on the new government and will impact negatively on Macro economy.

Details later…..

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Buhari meets with Emefiele, Tambuwal, Bagudu secretly over cash swap

Kukah
Spread the love

Ray of hope for Nigerians as President Muhammadu Buhari met secretly with the Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu over the scarcity of the three naira notes.

Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor.

Advertisement

The meeting held at the President’s office at the State House, Abuja.

The President was said to have cancelled it in view of the court order forbidding government from extending the February 10, 2023 deadline for the swapping of three old naira notes.

Sources within the Presidency also affirmed that the President was wary about the possible perception of disregard for lawful orders.

Advertisement

None of the participants at the meeting agreed to speak to the media.

Advertisement
Continue Reading

Economy

Akure residents protest cash crunch, fuel scarcity + photos

Spread the love

By Francesca Iwambe

Some residents in Abeokuta have taken the street to protest
Naira and fuel scarcity in the country.

Advertisement

In pictures shared on Tuesday, residents poured into the roads and streets over biting scarcity of cash and fuel.

Carrying some sticks and burning fire on major roads, the residents were chanting in protest to the new naira policy saying, it has brought nothing but hardship on them.

Advertisement
Continue Reading

Economy

Currency Swap: Banks In Lagos Shut Out Customers

Spread the love

Some banks in parts of Lagos on Tuesday morning shut their doors against desperate customers seeking payment following the Central Bank of Nigeria(CBN) cash swap policy.

In Town planning Lagos, a new generation bank shut its gates as early as 9 am to customers who couldn’t carry out transactions too.

Advertisement

At Obanikoro, two new generation banks also locked their gates against customers. Visibly angry customers gathered in front of the banks lamenting the development.

Some of them accused the CBN and powerful government forces of plotting to frustrate the forthcoming general elections.

A mild drama played out in one of the new generation banks on town planning when a man openly cried about inability to access cash.

Advertisement

He said he needed to do an urgent transfer for his sick wife’s surgery.

Advertisement
Continue Reading
Advertisement
Advertisement

Most Read Stories