The Nigerian House of Representatives on Tuesday summoned the Chief Executive Officers(CEOs) of Banks over the public outcry on the new cash withdrawal and redesigned currency policy.
The House also advocated the need for the extension of implementation of the swap to six months and make the new notes available.
The resolution of the House followed the adoption of a motion of urgent public importance, moved by Hon. Sada Soli, (APC, Katsina) on the need for the CBN to review and extend timeline for currency swap.
The House implored President Muhammadu Buhari to intervene on the deadline issues by the CBN.
They also called for the review of the cashless policy.
In his submission,Hon.Sada noted that the CBN was to ensure price stability and that the banks are places where people keep their money for safety.
He agreed that the cashless policy was in tandem with global best practices but the deposit money banks in Nigeria do not have what it take to achieve the policy.
He lamented that the CBN has refused to listen to the cry of people to extend the timeline of the currency swap.
He also urged the CBN to extend the implementation of the Cashless Policy to at least one year as well as review the daily withdrawal Limit and the charges therefrom.
He urged the CBN to expedite action on making the redesigned N200, N500 and N1,000 notes available to Nigerians.
Hon. Sada added: “The rigidity of the policy may affect the economy and therefore the apex bank should keep their policy closer to reality. The policy though good will not be fair on the new government and will impact negatively on macro economy.”
