Reps reject new CBN deadline as anger spread over new Naira scarcity 
Nigeria Today

Reps reject new CBN deadline as anger spread over new Naira scarcity

…CBN governor announced February 10 as the new deadline

The House of Representatives has rejected the new deadline announced by the Central Bank of Nigeria, CBN, for the phasing out of old currency notes.

The CBN governor, Godwin Emefiele had in a press statement on Sunday said the new deadline is February 10, 2023.

The House of Representatives Ad hoc Committee on New Naira Re-design and Naira Swap Policy on Sunday described the new date as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.

The development came as anger spread across the country over the scarcity of the new notes with several bank customers becoming stranded due to lack of access to the new notes. Retailers and traders have been rejecting the old notes amid long queues at ATM galleries across the country.

However, announcing the new deadline on Sunday, Emefiele, said President Muhammadu Buhari, gave permission for the deadline to be extended to February 10after his recent meeting with him.

He also gave additional seven days to enable Nigerians to deposit their old naira notes after it ceases to be legal tender on February 10.

The CBN had earlier fixed January 31 as the deadline for the exchange of old N1,000, N500 and N200 notes.

Before extending the deadline, the apex bank had refused to shift grounds despite coming under severe criticisms and significant pressure from the National Assembly, politicians, banks, customers, and key stakeholders.

The CBN governor had also failed to appear before the House four times, prompting the Speaker of the House of Representatives, Femi Gbajabiamila, Tuesday, to declare his readiness to issue a warrant of arrest against him if he fails to appear before its committee last Thursday.

Gbajabiamila said the lawmakers would reconvene on Tuesday (tomorrow) to take an action against Emefiele and other bank chiefs who failed to honour the house’s summons.

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