Reps’ Committee rejects CBN renewal

The House of Representatives Ad Hoc Committee for a New Naira Redesign and Naira Swap Policy on Sunday kicked the 10-day extension granted by the Central Bank of Nigeria (CBN) to exchange old naira notes.

The CBN had set January 31 as the deadline for exchanging the old naira notes; N200, N500 and N1,000.

On Sunday, CBN Governor Godwin Emefiele said President Muhammadu Buhari has authorized the deadline to be extended to February 10.

In its prompt response to the CBN position, the Adhoc Committee, chaired by the Majority Leader, Hon. Alhassan Ado Doguwa rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4 and 5 of the CBN Act.

Recall that at its sitting on Tuesday, following the outcry of Nigerians, the House assembled the ad hoc committee to look into the matter.

Hon. Doguwa said: “The extension of 10 days for the exchange of the old naira notes is not the solution: we, as a legislative committee with a constitutional mandate from the House, should only have clear compliance with section 20 sub 3, 4 and 5 of the CBN Act and nothing more.

“Nigeria, a developing economy and an 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 Adhoc Committee.

He said under his presidency; the ad hoc committee would continue its work until the demands of the Nigerians are dealt with under the laws of the country.

Hon. Doguwa said that the CBN governor must appear before or risk being arrested on charges filed by Hon. Speaker on Monday.

He also said it is policy
which could frustrate the upcoming general election.

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