…Bows to gradual phase-out of old naira notes

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–(Pix(above): CBN Gov Emefiele bowing to pressure

After a series of cat-and-mouse game, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, finally appeared before the ad hoc committee of the House of Representatives on the Cashless Policy and Deadline for the Replacement of Old Currency Notes.

Emefiele, who appeared this morning, Tuesday, January 31, was supposed to have appeared before the Committee last week, but failed, informing the committee through a letter by the apex bank that he was out of the country with President Muhammadu Buhari.

The House committee, however,  put a lie to it, stating that the president was not out of the country, but at his Katsina country home as it spoke.

The House, consequently, threatened to invoke the provisions of Section 89(1)(d) of the Constitution to issue a warrant of arrest today to compel him to appear.

The State Online recalls that Speaker Femi Gbajabiamila, has threatened to invoke the provisions of Section 891(d) of the 1999 Constitution as (amended) to compel the Governor of the CBN, Godwin Emiefele, to appear before the House.

Section 89 gives the parliament power to issue a warrant of arrest on anybody who refuses to honour an invitation from them.

The CBN Governor, who appeared with some of his officials, went into a brief Executive session with members of the committee during which far-reaching decisions were taken.

…Nigerians wont lose their money, he assures

During the meeting, CBN bowed to the demand of the House of Representatives for a gradual phase-out of the old naira notes. 

Its Governor Godwin Emiefele, who appeared before the House of Representatives Ad-hoc Committee, said Nigerians won’t lose the old notes after the February 10 extended deadline. 

He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts.

Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation. 

He said the CBN stands with the position of the House of Representatives on the provisions of Section 20(3) of the CBN Act, assuring Nigerians they will not lose their money.

According to him, “you will not lose your money even when it loses its legal tender status. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed.”

Assuring Nigerians of concerted efforts to see they do not lose their hard-earned money on account of currency redesign, Emefiele said he was, indeed, aware of their plight./SHARE THIS

• Tags: CBN Gov Godwin Emefiele, House of Reps

 

He said while the old notes cease to be legal tenders after the expiration of the deadline, Nigerians can still take them to the bank for exchange of new notes or deposit the old notes in their accounts. https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-5089981496810613&output=html&h=280&slotname=5547768205&adk=1302081116&adf=3966510002&pi=t.ma~as.5547768205&w=507&fwrn=4&fwrnh=100&lmt=1675170524&rafmt=1&format=507×280&url=https%3A%2F%2Fthenationonlineng.net%2Fbreaking-nigerians-wont-lose-old-notes-after-deadline-cbn%2F&host=ca-host-pub-2644536267352236&fwr=0&fwrattr=true&rpe=1&resp_fmts=3&wgl=1&uach=WyJXaW5kb3dzIiwiMC4xLjAiLCJ4ODYiLCIiLCIxMDkuMC41NDE0LjEyMCIsW10sZmFsc2UsbnVsbCwiMzIiLFtbIk5vdF9BIEJyYW5kIiwiOTkuMC4wLjAiXSxbIkdvb2dsZSBDaHJvbWUiLCIxMDkuMC41NDE0LjEyMCJdLFsiQ2hyb21pdW0iLCIxMDkuMC41NDE0LjEyMCJdXSxmYWxzZV0.&dt=1675170583530&bpp=15&bdt=3375&idt=1115&shv=r20230125&mjsv=m202301230101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D961d7a52cb2b6dc8-22092d3e28d70005%3AT%3D1667066626%3AS%3DALNI_MYXX1IKNZ9JI9y4vY979JMQrxCFgA&gpic=UID%3D00000b188f45ff4d%3AT%3D1667066626%3ART%3D1675160761%3AS%3DALNI_MaHoB69rZl9JdJ0fT4KykMsum39iA&prev_fmts=728×90&correlator=7122866883186&frm=20&pv=1&ga_vid=1211471915.1667066627&ga_sid=1675170584&ga_hid=845131997&ga_fc=1&u_tz=60&u_his=1&u_h=768&u_w=1024&u_ah=728&u_aw=1024&u_cd=24&u_sd=1&dmc=2&adx=240&ady=1477&biw=1024&bih=568&scr_x=0&scr_y=0&eid=44759875%2C44759926%2C44759842%2C31071546%2C31071581%2C31071812%2C44779793%2C44781119%2C31071261%2C31071974%2C31067146%2C31067147%2C31067148&oid=2&pvsid=268643904256758&tmod=825704313&uas=0&nvt=1&topics=ARTwLgIEgPyFOQR4eRT7JUwmZngmIyd6-QNxuQDl07PFWO6hLFoNHKMgXkJrnYMPzt7PIxmth2V13S4ciX-dQBFsgDzh8ElXCFy5VBAJ0lKPudGj8tt1OA0Jx5h6K-Jclh1BmAuQmVCv-OZbH41d1Db1NEoYsLY14_yioZvinFTKqQlTOkj6VrBxdgikK0Q2EGl0IzOJh83iTtLS2Q..&ref=https%3A%2F%2Fthenationonlineng.net%2Fwp-content%2Fplugins%2Fonesignal-free-web-push-notifications%2Fsdk_files%2FOneSignalSDKWorker.js%3FappId%3Da00e0839-ef30-406c-9c66-0e8b94e31cea%3FsdkVersion%3D151514&eae=0&fc=1920&brdim=0%2C0%2C0%2C0%2C1024%2C0%2C1024%2C728%2C1024%2C568&vis=1&rsz=%7C%7CeEbr%7C&abl=CS&pfx=0&fu=128&bc=31&td=1&ifi=3&uci=a!3&btvi=1&fsb=1&xpc=8s0pQy1NAs&p=https%3A//thenationonlineng.net&dtd=1199

Section 20(3) of the CBN Act, 2007 provides that the Apex Bank should continue to accept the old notes until they are phased out of circulation. 

He said the CBN stands with the position of the House of Representatives on the provisions of Section 20(3) of the CBN Act, assuring Nigerians they will not lose their money.

According to him, “you will not lose your money even when it loses its legal tender status. You can take it to the bank, pay it into your account. But we should please allow this policy to succeed.” https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-5089981496810613&output=html&h=139&slotname=5765193927&adk=3945234833&adf=3993806059&pi=t.ma~as.5765193927&w=507&lmt=1675170524&rafmt=11&format=507×139&url=https%3A%2F%2Fthenationonlineng.net%2Fbreaking-nigerians-wont-lose-old-notes-after-deadline-cbn%2F&host=ca-host-pub-2644536267352236&wgl=1&adsid=ChAIgJXjngYQm-CwkrCEw-xmEjkAUD4_LSejMS9yMPh46AfdqGJEIVTlvi5tOH-4-h2BEGjaVBO44FwIigiOUMexvhYiR_ba_pRCU0A&uach=WyJXaW5kb3dzIiwiMC4xLjAiLCJ4ODYiLCIiLCIxMDkuMC41NDE0LjEyMCIsW10sZmFsc2UsbnVsbCwiMzIiLFtbIk5vdF9BIEJyYW5kIiwiOTkuMC4wLjAiXSxbIkdvb2dsZSBDaHJvbWUiLCIxMDkuMC41NDE0LjEyMCJdLFsiQ2hyb21pdW0iLCIxMDkuMC41NDE0LjEyMCJdXSxmYWxzZV0.&dt=1675170583687&bpp=15&bdt=3532&idt=1430&shv=r20230125&mjsv=m202301230101&ptt=9&saldr=aa&abxe=1&cookie=ID%3D961d7a52cb2b6dc8-22092d3e28d70005%3AT%3D1667066626%3AS%3DALNI_MYXX1IKNZ9JI9y4vY979JMQrxCFgA&gpic=UID%3D00000b188f45ff4d%3AT%3D1667066626%3ART%3D1675160761%3AS%3DALNI_MaHoB69rZl9JdJ0fT4KykMsum39iA&prev_fmts=728×90%2C507x280%2C0x0&nras=1&correlator=7122866883186&frm=20&pv=1&ga_vid=1211471915.1667066627&ga_sid=1675170584&ga_hid=845131997&ga_fc=1&u_tz=60&u_his=1&u_h=768&u_w=1024&u_ah=728&u_aw=1024&u_cd=24&u_sd=1&dmc=2&adx=240&ady=498&biw=1024&bih=568&scr_x=0&scr_y=0&eid=44759875%2C44759926%2C44759842%2C31071546%2C31071581%2C31071812%2C44779793%2C44781119%2C31071261%2C31071974%2C31067146%2C31067147%2C31067148&oid=2&pvsid=268643904256758&tmod=825704313&uas=1&nvt=1&topics=ARTwLgIE6SJvZPaBgFEy8Xu5Y8TLOKaQBBBA8L44mGYUR7peEnbpciP5b6op7MunWVx9nZmUQv5Tf3Qtdwjk0qPv2UY3ofT-K_UxGPHIIBXMPnvPYoPhnaFExQK6ZXIXyx-fat0z1wHdy5kouUpAiV9IpQq41y59Bacm_AjyG0T7fgkFRUqqMcAZnLjIFi0zejKQz33v1g6P01PGHQ..&ref=https%3A%2F%2Fthenationonlineng.net%2Fwp-content%2Fplugins%2Fonesignal-free-web-push-notifications%2Fsdk_files%2FOneSignalSDKWorker.js%3FappId%3Da00e0839-ef30-406c-9c66-0e8b94e31cea%3FsdkVersion%3D151514&eae=0&fc=1920&brdim=0%2C0%2C0%2C0%2C1024%2C0%2C1024%2C728%2C1024%2C568&vis=1&rsz=%7C%7CeE%7C&abl=CS&pfx=0&fu=128&bc=31&td=1&ifi=4&uci=a!4&fsb=1&xpc=Th78glMJix&p=https%3A//thenationonlineng.net&dtd=24763

Assureing Nigerians of concerted efforts to see they do not lose their hard-earned money on account of currency redesign, Emefiele said he was, indeed, aware of their plight./SHARE THIS

• Tags: CBN Gov Godwin Emefiele, House of Reps