 Representatives of chief executives of commercial banks in Nigeria said the banks are simply following the directives of the EPICS bank in the redistribution of the new narrow notes to Nigerians. The bank said they is while appearing before the House of Representatives at her committee on CBN cashless policy and the National Assembly on Thursday, worried by the hardship Nigerians are facing in accessing the new narrow notes in the past three weeks following the redesigning of the nation's currency. Federal lawmakers had invited the CEOs of the nation's commercial banks to explain why the narrow swap process is dragging despite the assurance by the EPICS bank, chairman of the committee and the majority leader in the House of Reps, Hassan Dogua and his colleagues while expressing total dissatisfaction with the way the CBN and the commercial banks are handling the situation, says the House called for the fact-finding meeting to find a solution to the problem. And no time is even specified here, which means banks, or commercial banks, the central banks are under moral and statutory obligation to continue to accept old notes, only that they cannot be used as legal data. If a mutilated note is presented, the bank has every right to either reject or accept. No matter how mutilated or imperfect or maybe if I've told the bank to recognize to accept, it's okay, but banks have no reason for any right based on this provision of this law to reject any old currency after the expiration date, despite the fact that the note for the currency seems to be a legal tender. Thank you. On the other hand, representatives of the commercial banks said the EPICS bank only directed them to do the swapping of old currencies through the automated tele-machines. The bank management also raised concern of insufficiency of the new Naira notes to serve customers. That agents in areas where there are not enough banking services will be there to exchange notes from persons and the exchange is such that you bring 10,000 Naira, for instance, where you don't have new notes in 1,000 Naira bills or 500 or 200 Naira bills, you will be paid in smaller denominations, same value. That's what this class is. After much deliberations, the committee adjourned to Tuesday next week when the CBN governor will appear before a resolution will be taken by the House. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.