The House of Representatives ad hoc committee on the new naira redesign and naira swap policy rejected extending the deadline for exchanging old naira notes.
WITHIN NIGERIA had previously reported that the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, announced on Sunday that the deadline had been extended by ten days.
Remember that the apex bank set the 31st of January as the deadline for exchanging old naira notes; N200, N500, and N1000.
Emefiele, on the other hand, said on Sunday that President Muhammadu Buhari had granted permission for the deadline to be extended to February 10.
In response to the development, the ad hoc committee chaired by the House leader, Alhassan Ado Doguwa, rejected the extension, insisting that the CBN comply with sections 20 sub 3, 4, and 5 of the CBN Act.
The House formed an ad hoc committee on Tuesday to investigate the CBN’s deadline.
Doguwa said;
The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.
Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the Adhoc committee.
According to Doguwa, the committee will keep working until the demands of Nigerians are met in accordance with the laws of the land.
He characterized the extension by the apex bank as a mere political ploy to deceive Nigerians and worsen their economic and social well-being.
Doguwa stated that the CBN governor must appear in court or face arrest on the basis of legislative writs signed by the Speaker, Femi Gbajabiamila.
He also stated that the policy has the potential to derail the upcoming general elections.
Doguwa added;
Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections.