Business News

Redesigned Naira Notes : Banks Agree With Resolutions Of HOR

Chief Executives of Commercial Banks have resolved to abide by the resolutions of the House of Representatives on the deadline on use of old currencies.

They made their positions known in Abuja while answering questions from Lawmakers during an investigative hearing on shortage of the new naira notes and deadline.

The Chief Executives who also decried the shortage of the new naira notes, said they operate based on the regulations of the CBN.

They commended the leadership of the house for convening the meeting saying it would go a long way to resolve the issues surrounding the monetary policy.

The Chairman of the Ad-hoc Committee Alhassan Ado-Doguwa stressed that based on the constitution of the Federal Republic of Nigeria the CBN and commercial banks must continue to accept the new naira notes but cannot use it as a legal tender.

Ado-Doguwa also maintained that the committee would recommend to the House to proceed with the warrant of arrest on the CBN governor who again failed to Honour the invitation of the House.

Representatives of major commercial banks were present at the meeting


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