Reps adhoc cmmttee rejects naira swap extension, insist on compliance with CBN Act

The House of Representatives Adhoc Committee on the redesign of three naira notes and swap policy has rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of old N200, N500, N1,000 bank notes, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

“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, will only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more, the committee said.

”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.”

He said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

Alhassan Ado-Doguwa described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.

The House had given the CBN Governor, Godwin Emefiele, up to Tuesday to come before it or risk being compelled to do so through a warrant of arrest.

According to him, the new naira redesign policy is capable of frustrating the forthcoming 2023 general elections, describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood

Recall that the House, during its sitting last Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.

Earlier, the CBN had fixed January 31st as the deadline for the exchange of the old N200, N500, and N1000 naira notes.

The CBN governor, Godwin Emefiele on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.