NEW NAIRA POLICY: Finally, Emefiele bows to pressure, Appears before Reps.

Njideka Ozoalor 

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has finally succumbed to pressure as he is set to physically appear before the House of Representatives. ” Ad-hoc Committee investigating the new cash withdrawal limit and cash swap policy.

Emefiele who was sighted at the National Assembly Complex , was accompanied by top CBN management team.

Following this appearance to the House Summon, the house is expected to reverse its resolution to issue a warrant of arrest through the inspector General of police (IGP), Alkali Baba to compel the CBN Governor’s appearance.

Recall that the House Of Representatives ad hoc committee on new naira re-design and naira swap policy has rejected the 10 days extension granted by the bank of Nigeria (CBN) for the exchange of old naira notes.

The CBN had fixed January 31st as the deadline for the exchange of the old naira notes; 200, 500,1000

The CBN Governor , Godwin Emefiele , on Sunday said president Muhammadu Buhari extended to Feb 10.

In -swift reaction, the adhoc committee, chaired by the leader of the House, Hon Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with section 20 sub 3, 4 and 5 of the CBN act.

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