House Committee Rejects Extension, Threatens To Arrest Emefiele

The commission described the extension as merely a political ploy to further mislead Nigerians and worsen their economic and social livelihoods.

The PUNCH reported that the CBN had previously set January 31 as the deadline for the exchange of N200, N500 and N1000 old naira notes.

However, CBN Governor Godwin Emefiele said on Sunday that the president, Major General Muhammadu Buhari, had authorized the deadline to be extended to February 10.

But the ad hoc committee, chaired by Majority Leader, House of Representatives Alhassan Doguwa, rejected the extension in a statement in Abuja on Sunday, insisting that the CBN must comply with sections 20 sub 3, 4 and 5 of the CBN. Action.

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Following the outrage of Nigerians, the House of Representatives had set up the ad hoc committee to investigate the matter during its meeting on Tuesday last week.

Doguwa said, “The 10-day extension for exchanging the old naira notes is not the solution. We, as a legislative committee with a constitutional mandate from 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 emerging democracy must respect the principle of the rule of law. And the House would proceed to sign an arrest warrant to force the CBN governor to appear before the ad hoc committee.

According to him, under his chairmanship, the committee would continue its work until the demands of the Nigerians are dealt with in accordance with the laws of the country.

Describing the extension as a mere political gimmick to further mislead Nigerians and worsen their economic and social livelihoods, Doguwa said the CBN governor must appear before the House or risk arrest under legislative subpoenas issued by the chairman must be signed. on Monday.

He also said the policy could frustrate the upcoming general election.

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