{"id":246793,"date":"2023-02-05T20:33:50","date_gmt":"2023-02-05T19:33:50","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=246793"},"modified":"2023-02-05T20:33:50","modified_gmt":"2023-02-05T19:33:50","slug":"naira-crisis-reps-may-hold-emergency-session-gbajabiamila","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/02\/05\/naira-crisis-reps-may-hold-emergency-session-gbajabiamila\/","title":{"rendered":"Naira crisis: Reps may hold emergency session \u2013 Gbajabiamila"},"content":{"rendered":"

Femi Gbajabiamila, the Speaker of the House of Representatives, has stated that if the Central Bank of Nigeria does not address the hardship that Nigerians experience as a result of its currency swap policy, the Green Chamber will be forced to reconvene prior to the presidential and National Assembly elections on February 25.<\/p>\n

Following a discussion on the topic between the Green Chamber and the CBN governor<\/a>, Godwin Emefiele, Gbajabiamila noted that the House would continue to closely monitor the CBN’s implementation of the policy.<\/p>\n

This was stated by Gbajabiamila at a town hall meeting with some ethnic groups in Surulere, Lagos, according to a statement released on Sunday by Lanre Lasisi, the Special Adviser to the Speaker on Media and Publicity.<\/p>\n

The statement was titled \u2018Currency Swap: We\u2019ll Reconvene Before Elections If\u2026 \u2013 Gbajabiamila\u2026says Tinubu stands with Nigerians.\u2019<\/p>\n

Emefiele had finally appeared before the House on Tuesday last week over the crisis caused by the redesign of some naira notes and the exchange of old naira notes with new ones by the populace.<\/p>\n

The CBN governor had appeared before the House\u2019s Ad Hoc Committee on the Central Bank of Nigeria\u2019s Cashless Policy and Extend the Timeframe of the Currency Swap, where he said the apex bank hopes that the naira would get stronger with the implementation of the policy.<\/p>\n

Emefiele had partly said, \u201cSubject to the content of the CBN Act, Section 20(3), which says even after the old currency has lost its legal tender status; that we are mandated to collect those monies, I stand with the House of Representatives on this.<\/p>\n

\u201cWhat does that mean? It could have lost its legal tender status, in which case we have moved on, but you have your money that you have not been able to send to the bank.<\/p>\n

\u201cWe certainly will give you the opportunity to bring them back into the CBN; you will redeem it, either you pay into your bank account or you want to do (an) exchange, you will not lose your money.<\/p>\n

\u201cThat is the assurance I want to give to Nigerians. I want to appeal: this is not an easy exercise but we are happy that in 19 years we are able to carry out this important aspect of our mandate.\u201d<\/p>\n

The House, just like the Senate, had adjourned plenary till February 28 to allow members participate in the electioneering towards the polls.<\/p>\n

According to the statement, the Speaker recalled that he was on the verge of signing a warrant for Emefiele\u2019s arrest due to the CBN governor\u2019s initial failure to appear before an ad hoc panel of the House.<\/p>\n

Gbajabiamila said, \u201cThe House of Representatives intervened on several occasions. We summoned the CBN governor the first time and again, but he refused to answer because we had many hard questions for him.<\/p>\n

\u201cIt was until I issued the threat of a warrant of arrest that he came. And I would have signed that warrant; it would\u2019ve been the first time in the history of the National Assembly that a CBN governor would be arrested. I would\u2019ve done it.<\/p>\n

\u201cMany have argued on the independence of CBN \u2013 the autonomy of CBN.<\/p>\n

\u201cThat does not make CBN above the law. The Constitution gives the House the power to issue an arrest warrant against anyone; we can summon anybody and that was exactly what the House was going to do until the CBN governor came.<\/p>\n

\u201cSo, we are watching, and we are monitoring very closely. If need be, we will reconvene the House. Even though we have all been away for our elections. I will call the House back if need be.\u201d<\/p>\n

The Speaker also said in the midsts of the ongoing hardships in the country, the presidential candidate of the All Progressives Congress, Asiwaju Bola Tinubu, has identified with Nigerians.<\/p>\n

He added that the ex-governor of Lagos State had also faulted the implementation of the policy by the CBN, which he said necessitated the extension of the deadline for the collection of the old naira notes.<\/p>\n

Gbajabiamila said, \u201cOn the currency swap, let me explain something to you: We are all very intelligent people.<\/p>\n

\u201cMany are suffering, we have paid your salary, and you cannot withdraw it; people cannot eat, what kind of thing is that? But I have news for you.<\/p>\n

\u201cThere\u2019s one man who is running for president of this country, and that man has courage and audacity.<\/p>\n

\u201cThis man came out boldly and identified the problem, that the fifth columnists, in cooperation with the PDP, are the ones trying to sabotage this election.<\/p>\n

\u201cMany have said he is talking about Buhari, but he told them \u2018no, I\u2019m not talking about Buhari; I\u2019m talking about fifth columnists.\u2019 If you don\u2019t know the meaning of the fifth columnists, go and check your dictionary.<\/p>\n

\u201cFifth columnists infiltrate people; they even infiltrate families, otherwise, how do you explain this type of policy?<\/p>\n

\u201cThe president, being the compassionate person that he is, has asked for a few more days to look at everything that is going on and see if anything could change. We pray that things will change.<\/p>\n

\u201cIf nothing changes, we will intervene again. But be sure of one thing; Bola Ahmed Tinubu stands with you and stands with Nigerians in their suffering. He was the first to shout what is going on?<\/p>\n

\u201cHe has cried, he has begged, he has screamed that people are suffering. What did the PDP candidate say?<\/p>\n

\u201cHe said, \u2018no, CBN doesn\u2019t listen to them; you must not extend this thing; let people continue to suffer.\u2019 That is what the PDP candidate said. He said it publicly.<\/p>\n

\u201cSo, you have the tale of two presidential candidates: one who stands with the people and says this currency swap must stop; the second one says,\u2019 no, it cannot stop, it\u2019s a good policy.<\/p>\n

\u201cCBN, don\u2019t listen to him. Let the people continue to suffer<\/a>.\u2019 I leave the rest to you to determine who is with you and who is against you.\u201d<\/p>\n

Majority Leader of the House and chairman of the committee, Alhassan Ado-Doguwa, had noted that the hearing was to address the \u201cconcerns of the Nigerian people through the House of Representatives.\u201d<\/p>\n

He also noted that it was not \u201can investigative committee\u201d but \u201ca fact-finding committee\u201d meant to interface with the CBN, get the facts and report back to the House.<\/p>\n

He said, \u201cOur major concern is about the life and livelihood of the Nigerian people. Our major concern is the critical situation of the Nigerian economy.<\/p>\n

\u201cThe concern of the House of Representatives is about the protection and guidance of the rule of law under the democratic system.<\/p>\n

\u201cThis House, by all standards, has the constitutional right, and by the operating rules and guidelines of the House, we also have the constitutional power to invite any agency of the government to interface with their officials about the policies of the government.<\/p>\n

Ado-Doguwa noted that though the lawmakers were not in doubt of the benefits of a cashless economy, \u201cwhen policies are now turning on too many storms in the face of the people \u2013 storming the economy, shutting (down) agriculture, stopping transportation, with our constituents crying out, then we are under a moral obligation to seek clarifications from you.\u201d<\/p>\n

The Majority leader added that while the CBN has the power to redesign or issue new naira notes, the question was \u201cwhy this time?\u201d especially as the country is approaching a general election.<\/p>\n

He also asked Emefiele to speak on the provision of Section 20(3) of the CBN Act.<\/p>\n","protected":false},"excerpt":{"rendered":"

Femi Gbajabiamila, the Speaker of the House of Representatives, has stated that if the Central Bank of Nigeria does not address the hardship that Nigerians experience as a result of its currency swap policy, the Green Chamber will be forced to reconvene prior to the presidential and National Assembly elections on February 25. Following a […]<\/p>\n","protected":false},"author":9,"featured_media":82701,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"https:\/\/punchng.com\/naira-crisis-reps-may-hold-emergency-session-gbajabiamila\/","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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