Reps rejects CBN 10 days extension for swapping of old Naira notes, threatens arrest warrant on Emefiele

The House of Representatives Adhoc Committee on the redesigned N200, N500, N1,000 notes on Sunday rejected the 10 days extension for the swap of the old notes by the Central Bank of Nigeria (CBN).

Chairman of the Committee, Alhassan Ado Doguwa, House Majority Leader, in a statement on Sunday, declared that the House will proceed to sign an arrest warrant to compel the CBN Governor, Godwin Emefiele, to appear before the adhoc committee.

After much pressures, the CBN governor, Emefiele, after a meeting with President Muhammadu Buhari at the State House, Abuja, on Sunday, announced the extension of the January 31 deadline for the depositing of the old notes in the bank and exchanging same with the redesigned N200, N500 and N1,000 notes. He said that the CBN got the approval of the President to extend the deadline for January 31 to February 10.

The House of Reps, however, protested the 10 days extension, which in the view of the members of the House is too short. The Committee chairman also argued that ‘the new naira redesign policy is capable of frustrating the 2023 general elections’.

The House committee chairman,  Doguwa, insisted that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

Ado Doguwa had declared: “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.”

Doguwa asserted that the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

The federal lawmaker was of the view that the 10 days extension is a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood. He reiterated  that ‘the CBN governor must appear before the House or stand the risk of being arrested on the strength of legislative writ earlier signed by the  Speaker Rt. Hon. Femi Gbajabiamila.

Doguwa further argued: “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.”