Emefiele Forecloses Extension of January 31 Deadline for Return of Old Banknotes •National assembly members kick •House of Representatives sets up committee to meet CBN, bank CEOs on redesigned currencies •Apex bank gov say
•Apex bank gov says, about N1.5tn of old banknotes returned•Declares currency redesign has slowed down kidnapping, ransom taking •Says no cause for alarm over CBN’s exposure to federal govtThe Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended.
However, addressing journalists at the end of a two-day meeting of the Monetary Policy Committee in Abuja, the first in the year, the CBN governor insisted that the 100 days allowed for anyone to deposit the notes in commercial banks was more than adequate. In addition, MPC members yesterday resolved to raise the Monetary Policy Rate otherwise known as interest rate by 100 basis points to 17.5 per cent from 16.5 per cent.
According to Emefiele, of the total stamp duty collected, the Federal Inland Revenue Service had disbursed N226.45 billion to the Federation Accounts Allocation Committee while the sum of N144.23 billion was the balance with the CBN. Emefiele further disclosed that First Bank of Nigeria Plc, collected the highest stamp duty, which he said amounted to N71.6 billion.
He explained that it would amount to irresponsibility and dereliction on the part of the central bank to ignore the government in time of need and allow the economy to suffer. Emefiele said, “For us, it is not time to celebrate yet…This is not enough sign to loosen but be aggressive. “The reason is that just as the president had said on more than two occasions, and even to people privately, that for us 90 days – in fact, we feel it’s 100 days – is enough for anybody who has money or the old currency to deposit the money in the banks.
“So, we do not see any reason to begin to talk about a shift because people could not deposit their old monies into their banks.” He said, “I had a meeting with the Nigerian Governors forum last Thursday and some of them raised issues about oh, they are in the riverine areas, there are no banks in some of those riverine areas; even in the non-riverine areas there are some places where there are no banks.
Worried by the insistence of the apex bank that there would be no such extension, Senator Sadiq Umar, moved a motion on the floor of the red chamber yesterday, demanding the extension to July 31. The lawmakers also expressed dismay that the CBN had insisted on the January 31 deadline despite public outcry.
“Many people, especially in states could not get their old notes exchanged for the new ones. The suffering is excruciating. People are spending long hours queuing in banks without success,” Aliero said. The Senate President assured that the National Assembly leadership would ensure that the resolution was implemented by the CBN.
Moving the motion, Soli noted that pursuant to Section 2, paragraphs and of the Central Bank of Nigeria Act, 2007, the objective of the apex bank shall be to ensure monetary and price stability, and promote a sound financial system in Nigeria, respectively. Soli lamented that most part of the northwest was affected by this policy, adding that the CBN needs to slow down as if they continue like this they will exclude certain segment of the society in participating in the macro activities of this country.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JUST IN: No going back on January 31 deadline for old notes, Emefiele insists“I must say here that, unfortunately, I don’t have good news for those who feel that we should shift the deadline. My apologies,” Mr Emefiele said.
Read more »
CBN won't extend January 31 deadline for naira deposits - EmefieleThe Central Bank of Nigeria, CBN, has ruled out an extension of the January 31 deadline for naira deposits. CBN Governor, Godwin Emefiele confirmed this
Read more »
No Going Back On January 31 Deadline For Swapping Old Naira Notes For New Ones– Nigerian Central Bank Gov, Emefiele | Sahara ReportersThe governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has insisted that there will be no extension of the deadline for the deposit of old versions of the redesigned Naira notes after January 31, 2023. Emefiele in a video posted by Channels TV on Tuesday said that 90 days given to Nigerians were more than enough to return all their old N200, N500 and N1,000 banknotes to their banks.
Read more »
MPC decides on key policy issues as Emefiele chairs meetingIn November, Mr Emefiele said previous increases in rates were beginning to yield results and there was a need to keep tightening
Read more »
Emefiele, CBN And Our Future – THISDAYLIVE
Read more »
Emefiele, CBN and our future | TheCableAt some point later today, January 24, the governor of the Central Bank of Nigeria, Godwin Emefiele, is bound to be back in the news as the CBN’s monetary policy
Read more »