The House of Representatives Ad Hoc Committee on new naira re-design and naira swap policy has rejected the 10-day extension granted by the Central Bank of Nigeria (CBN) for the exchange of old notes.
The CBN had set January 31 as the deadline for the exchange of the old naira notes – N200, N500, and N1,000.
However, the CBN Governor, Godwin Emefiele, announced on Sunday that President Muhammadu Buhari had granted permission for the deadline to be extended to February 10.
In response, the Ad Hoc Committee, chaired by the leader of the House, Alhassan Ado Doguwa, rejected the extension and demanded that the CBN comply with sections 20 sub 3, 4, and 5 of the CBN act.
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The committee was constituted following the outcry by Nigerians during a sitting of the House on Tuesday.
“The 10-day extension for the exchange of the old naira notes is not the solution,” stated Doguwa.
“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.”
Doguwa warned that the CBN Governor must appear before the ad hoc committee or risk being arrested, as the House has signed arrest warrants.
“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law,” he added.
“And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the ad hoc committee.”
Doguwa described the extension as a political gimmick that would worsen the economic and social livelihood of Nigerians.
Furthermore, he warned that the policy could potentially disrupt the upcoming general elections, as security agencies rely on cash advances and direct table payments for their operations during elections.
He also said that the Ad Hoc Committee will continue its work until the demands of Nigerians are addressed in accordance with the laws of the land.