Part of the problem

• Published date: 03 February 2023
• Publication title: Nigeria - The Nation

Then the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, finally appeared before the House of Representatives ad hoc committee on new naira redesign and naira swap policy, on January 31, after apparently shunning two previous invitations, he conveniently blamed banks for the scarcity of new naira notes, which is a big issue.

But he failed to see, or acknowledge, that he was part of the problem. From what he said, it could be seen that he was not blameless.

'I addressed the bankers… and I expressed to them my disappointment and in fact, the disappointment of the President and that of leaders with the way this has gone,' he told the committee.

'Many of us have unfortunately seen the new naira, instead of being used for the purpose it's meant, is used in parties, in celebrations.

'What we saw being stamped on people at parties were packages of the new naira notes, which means they (banks) had breached certain aspects of the guidance note we gave to them.'

There had been media reports of currency hawkers selling the redesigned naira notes at party venues and motor parks. Trading in naira notes is against the law.

He said the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other Related Offences Commission (ICPC), the Nigerian Financial Intelligence Unit...