January 29,2023

The House of Representatives Adhoc Committee on New Naira Re-design and Naira Swap Policy has rejected the 10-day extension of the deadline for the exchange of old naira notes granted by the Central Bank of Nigeria, CBN

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

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

In a swift reaction, the adhoc committee, chaired by Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with Section 20 subsections 3, 4, and 5 of the CBN Act

 recalls that the House of Representatives, during its sitting on Tuesday, following the outcry by Nigerians, constituted the adhoc committee to look into the issue.

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 subsections 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

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.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before the committee or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations, especially at the state level, are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said