Buhari appoints Aishah Ahmad new CBN deputy governor

President Muhammadu Buhari has forwarded the name of Mrs. Aisha Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN).
According to the Special Adviser on Media and Publicity, Femi Adesina, Ahmad is to replace Dr. Sarah Alade, the Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN) who retired in March this year.

Alade once served as the acting Governor of the bank following the suspension of the former CBN Governor, Lamido Sanusi, now the Emir of Kano.In accordance with the provisions of Section 8 (1) (2) of the Central Bank of Nigeria (Establishment) Act 2007, President Buhari urged the Senate President, Bukola Saraki, to consider the expeditious confirmation of Ahmad, who would then resume work immediately.hmad, a seasoned banker, financial advisor is current Executive Director, Retail/Consumer Banking at Diamond Bank Plc.In the same vein, the President has written the Senate, seeking the confirmation of appointment of members of the Monetary Policy Committee of the CBN.

They are to replace four members, whose tenure expires at the end of this year. The nominees are: Professor Adeola Festus Adenikinju; Dr. Aliyu Rafindadi Sanusi; Dr. Robert Chikwendu Asogwa and Dr. Asheikh A. Maidugu.After Senate clearance, the new members are to resume duties next January, Adesina said in a statement yesterday.
Meanwhile, the House of Representatives yesterday asked the CBN to immediately remove the surcharge placed on commercial banks by the apex bank on destruction of old mutilated naira notes in the country.The lawmakers also directed that the CBN as a matter of statutory responsibility withdraw old and mutilated notes from circulation and re-issue new ones.

The members’ resolutions followed the consideration and adoption of a motion by Sergius Ogun (PDP, Edo), entitled, “call for removal of surcharge by the Central Bank of Nigeria on mutilated notes,” which was unanimously supported at plenary.
Leading debate on the motion, Ogun cited Section 20 of the CBN Act of 2007, which he said provided that “the currency notes and coins issued by the CBN shall be the approved medium of exchange, and as a result, should be accepted for all transactions in Nigeria.”
He lamented the action of the apex bank, which either refused to accept worn out notes from commercial banks, or expects them to pay fees for their replacement.

Ogun said in the past, “such notes were replaced by commercial banks, but now, the banks routinely reject torn, defaced and mutilated Notes which customers bring for deposits.”‎
He further argued that despite the regulatory position of the CBN, it has consistently rejected the notes.Ogun worried that the continued circulation of worn out, dirty and mutilated Notes called for concern, thereby heightening the need for close investigation and constant monitoring of the process of destruction of the notes.

The motion was passed and referred to the House Committee on Banking and Currency to liaise with the CBN to harness the modalities for handling, returning and destroying damaged and mutilated Notes and report back within eight weeks for further legislative action.