The House of Representatives’ ad hoc committee on the new naira designs and naira swap policy rejected extending the deadline for exchanging old naira notes.
According to media reports, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Sunday that the deadline had been extended by ten days.
Remember that the apex bank set the 31st of January as the deadline for exchanging old naira notes; N200, N500, and N1000.
Emefiele Reveals Why Buhari Approved 10-Day Extension Of Old Naira Swap
Emefiele, on the other hand, announced on Sunday that President Muhammadu Buhari has granted approval for the deadline to be extended to February 10.
In response to the development, the ad hoc committee chaired by the House leader, Alhassan Ado Doguwa, rejected the extension, insisting that the CBN comply with sections 20 sub 3, 4, and 5 of the CBN Act.
The House formed an ad hoc committee on Tuesday to investigate the CBN’s deadline.
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 sub 3, 4, and 5 of the CBN act and nothing more.
NEW NAIRA: Extend Deadline, Ganduje, Clergy Urges CBN
“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.”
According to Doguwa, the committee will keep working till the requests of Nigerians are met in conformity with the laws of the land.
He characterized the extension by the top bank as a mere political ploy to deceive Nigerians and degrade their economic and social well-being.
Doguwa stated that the CBN governor must appear in court or face arrest on the basis of legislative writs signed by the Speaker, Femi Gbajabiamila.
Buhari Backs CBN On Move To Redesign Naira Taunts Those With ‘Illicit Money’
He also stated that the policy had the potential to derail the upcoming general elections.
Doguwa added, “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.”
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.