*Banks to lawmakers: We’re getting new banknotes, dispensing through ATMs
*CBN sustains sensitisation, monitoring of cash swap policy, naira redesign project
*Seeks traditional rulers’ support ahead of January 31 deadline
Udora Orizu in Abuja, James Sowole in Abeokuta and Fidelis David in Akure
There appears to be a raging battle against the independence of the Central Bank of Nigeria (CBN), with the House of Representatives threatening to arrest the CBN Governor, Mr. Godwin Emefiele, over his insistence that the January 31 deadline for phasing out the old N200, N500 and N1,000 banknotes would not be altered.
The CBN has operational and monetary policy independence.
In fact, Section 1 (3) of the CBN Act 2007 states, “in order to facilitate the achievement of its mandate under this Act and the Banks and Other Financial Act, and in line with the objective of promoting stability and continuity in economic management, the Bank shall be an independent body in the…
Source: Thisday Newspaper
