House of Representatives has summoned management of the Central Bank of Nigeria and Managing Directors of other commercial banks, over non circulation of the newly designed naira notes in the country days before the usage deadline.
The decision was sequel to a motion of national Importance by a member from Katsina state Alh Sada Soli, adopted by the lawmakers during a plenary.
Alh Sada Solid, who expressed disappointments over difficulties Nigerians were facing in an effort to meet the dateline, stressed the need for the extension of implementation of the currency swap to six months and make the new notes available.
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The lawmaker who advocated urgent review of the cashless policy, maintained that Nigeria Banks do not have what it takes to achieve successful implementation of the policy.
While confirming that the cashless policy was in tandem with the global best practices, mover of the motion described as unfortunate how CBN refused to listen to the cry of the people to extend the timeline of the currency swap.
He said rigidity of the policy may affect the economy and therefore the apex bank should keep their policy closer to reality.
Adopting the motion, the house called on President Muhammadu Buhari to intervene on the deadline issued by the CBN.
COV/TSIBIRI