Banks to appear before Reps over shortage of new naira notes


Commercial banks in the country have been summoned to appear before an ad hoc committee of the House Representatives on Wednesday to explain factors responsible for the shortage of new naira notes across the country.

Credible News reports, that the Central Bank of Nigeria, CBN, has set January 31, 2023 as deadline for Nigerians to carry out transactions with the old N1000, N500 and N200 notes as valid legal tender.

Bank chiefs, under the auspices of the Bankers’ Committee have therefore been asked to interact with the committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa.

The decision followed House resolution at the plenary on Tuesday that the banks should be invited to explain the alleged supply shortage from the CBN, after which the lawmakers would invite the leadership of the apex bank for questioning.

The House further resolved that the window for swapping the old notes with the new ones be extended by six months.


The resolution followed the unanimous adoption of a motion of urgent public importance moved by a member of the House from Katsina State, Rep. Sara Soli, at the opening of the session.

Soli noted that the CBN was insisting on the January 31 validity deadline for the new N1,000, N500 and N200 notes despite that Nigerians have limited access to them.

The House had in December summoned Governor of the CBN, Godwin Emefiele, over the latest policy by the apex bank which, among others, set limits to cash withdrawals from banks and other financial institutions.

After Emefiele failed to appear before the House on two occasions, the lawmakers had instead grilled Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, who led the Committee of Governors before the lawmakers.