The Governor of the Central Bank of Nigeria( CBN), Godwin Emefiele on Tuesday appeared before the House of Representatives adhoc Committee, investigating the Naira swap exercise.
Emiefele’s appearance comes days after the House leadership issued threats of arrest on the CBN governor for failing to appear before it to clarify issues bordering on the new monetary policy.
At the meeting led by the Chairman,Ado Doguwa, Emefiele in agreement with the CBN Act told the House that the banks will continue to accept old Naira notes after the February 10 deadline.
The CBN Act mandates the apex bank to continue to accept old notes after the expiration of the deadline.
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Emefiele also defended the redesigning of the Naira saying it aimed to control the currency in circulation for the overall interest of the country.
On scarcity of the Naira at ATMs, the CBN governor said he was meeting with commercial banks to alleviate the problem.
