Yesterday, the House of Representatives reached out to the Central Bank of Nigeria, CBN, asking for permission to continue using the old naira notes for at least six more months until the new ones become more readily available.
It also demanded that the heads of every bank in the country testify before the House's special committee set up to investigate the shortage of the new notes.
According to the House of Representatives, both the new and old notes can be used until the end of June because of the CBN Act.
Immediately following a briefing by the ad hoc committee constituted to address issues surrounding the new naira notes and led by the House leader, Ado Doguwa, Speaker of the House of Representatives Femi Gbajabiamila made the statement. He said the delay was necessary since there were so few of the new notes available at commercial banks.
The Nigerian House of Representatives recognizes the CBN's authority to issue national legal tender and to recall currency with advance notice and the approval of the President.
As said in Vanguard Newspaper. I would like to hear the thoughts of our most respected readers on this matter.