The CBN had recently introduced new N200, N500 and N1,000 notes, with concerns that the newly designed denominations are scarce in circulation.

Ahmad who represented the CBN governor, Godwin Emefiele, while responding to questions from members of the House, said she could not ascertain the exact amount and the number of notes printed. The CBN deputy governor said she did not want to give a wrong figure.

The chamber became rowdy as several members were miffed by her statement.

Some of them revisited the questions.

The CBN deputy governor later said a total of 500 million mints were ordered.

Ahmad, however, failed to answer questions concerning how much was spent on naira redesign, and if the amount was appropriated by the National Assembly

The House had summoned the Governor of the CBN, Godwin Emefiele, who failed the two previous appointments with the lawmakers.

CBN had informed the House that Emefiele would not appear before the House in person, rather Ahmad would lead the Committee of Governors before the lawmakers.

According to Ahmad, the CBN observed that about 94 and 82 per cent of personal and corporate transactions, respectively, had been electronic, meaning that the majority of Nigerians would not be adversely affected by the reviewed limits.

The CBN deputy governor also told the lawmakers that the apex bank introduced the new policy in phases, with successes recorded in some of the states where it was launched.