CBN Naira Policy: Emefiele Bows to Pressure, Appears Before House of Reps

• There was suspense at the National Assembly complex on Tuesday, January 31, over the presence of Godwin Emefiele, the CBN's governor
• It was reported by newsmen that Emefiele is at the complex to be grilled by lawmakers of the House of Representatives over the apex bank's new naira note policy
• There are speculations that the House may reverse its threat to issue a warrant of arrest on Emefiele

National Assembly, Abuja - Amid calls for his arrest, Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), is said to be at the complex of the National Assembly to answer questions on the new naira note policy.

Emefiele is to be grilled by members of the House's ad-hoc committee responsible for investigating the new cash withdrawal limit and cash swap policy, Channels TV reports.

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Nigerian Tribune reports that Emefiele who was sighted at the National Assembly complex was accompanied by some management staff of the apex bank.

Based on the CBN governor's appearance in the House, the red chamber is expected to reverse its resolution to issue a warrant of arrest through the Inspector General of Police (IGP), Alkali Baba.

Emefiele in fresh trouble as House of Reps threatens warrant of arrest on him

The speaker of the House of Representatives, Femi Gbajabiamila, had threatened to invoke the provisions of section 89(D) of the 1999 constitution to compel the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele to appear before the House.

Section 89 gives the parliament power to issue a warrant of arrest on anybody who refuses to honour an invitation from them.

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Emefiele states why naira is falling

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has blamed the number of Nigerian students seeking foreign education for the depletion of the foreign reserves.

The official foreign exchange received from crude oil sales into Nigeria’s reserves has depleted steadily from over $3 billion monthly in 2014 to zero dollars in 2022, according to Emefiele.

He stated this at the 57th annual bankers’ dinner organised by the Chattered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, November 26, 2022.

The CBN boss noted that the Nigerian foreign exchange market is in the middle of a severe crisis, putting pressure on the reserves and suppressing the value of the naira.

Source: Legit.ng