House of Reps rejects 10-day extension for old naira notes

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The House of Representatives has rejected the decision of the governor of Central Bank of Nigeria, CBN, Godwin Emefiele, who announced the approval of President Muhammadu Buhari for the extension of naira swap deadline by 10 days.

The CBN governor on Sunday said Buhari gave permission for the deadline to be extended to February 10.

But in a swift reaction, the chairman of the adhoc committee mandated to interface with the CBN bank and commercial banks on the naira chaos, Alhassan Doguwa, rejected the extension, insisting that the CBN must comply with Sections 20 sub 3, 4, and 5 of the CBN Act.

The House, during its sitting on Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.

Mr Doguwa, in a statement he personally signed on Sunday, 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.

“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.”

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social welbeing, Mr Doguwa said the CBN governor must appear before the house or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

He also said the policy is capable of frustrating the forthcoming general elections.