Breaking: Again, Emefiele Shuns House Reps Summons, Lawmakers React
- Lawmakers in the House of Representatives did not see Godwin Emefiele, the governor of the Central Bank of Nigeria, on Tuesday, December 20
- Emefiele was supposed to appear before the House on Tuesday to explain the CBN's recent policy on cash withdrawal limit
- This is the second time the governor of Nigeria's apex bank will be failing to appear before lawmakers for an investigative session
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Abuja - For the second time in the month, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has failed to appear before the House of Representatives.
The lower chamber had summoned Emefiele to explain the apex bank's policy which sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions but he did not appear for the investigative session, Punch reports.
Source: Twitter
Ndudi Elumelu, the minority leader, noted that should the CBN governor decide not to appear before the House on Thursday when the lawmakers have scheduled to go on Christmas and New Year break, their resolution on suspension of the policy still stands.
Emefiele states why naira is falling, says national card to commence January
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.
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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.
Nigerian students seeking visas overseas increase
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.
National Domestic Card Scheme to start January 2023
The National Domestic Card Scheme, Emefiele said, is expected to lower operating costs for banks incurring huge charges for foreign card schemes. Also, it would reduce huge forex commitments associated with using foreign card initiatives.
Source: Legit.ng
