The Central Bank Governor (CBN), Godwin Emefiele, is before the House of Representatives Ad hoc Committee on New Naira Redesign and Naira Swap Policy which is investigating the scarcity of the new naira notes.
Mr. Emefiele while addressing the committee explained that he had been out of the country hence his failure to honor previous invitations.
Speaking about 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.
said in 2015 N1.4 trillion
was in circulation, and by last year it had risen to N3.33 trillion
He explained that the reason for directing banks to ensure only ATM withdrawals was to limit the daily withdrawal of individuals.
The CBN boss decried the trend of the new notes being sighted at parties and stated he was in meetings with commercial banks to mitigate these.
The 61-year-old agreed that the policies would hurt some persons but claimed it was in the interest of the country especially in combating insecurity.