Committee rejects 10-day deadline, seeks Emefiele’s arrest

CITIZENS COMPASS– THE House of Representatives Adhoc Committee on New Naira Re-design and Naira Swap Policy has rejected the 10-day extension of the deadline for the exchange of old naira notes granted by the Central Bank of Nigeria, CBN.

The CBN had fixed January 31st as the deadline for the exchange of the old N200, N500 and N1000 notes.

The CBN governor, Godwin Emefiele, however, on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.

In a swift reaction, the adhoc committee, chaired by Alhassan Ado Doguwa, rejected the extension, insisting that the CBN must comply with Section 20 subsections 3, 4, and 5 of the CBN Act

Recall that the House of Representatives, during its sitting on Tuesday, following the outcry by Nigerians, constituted the adhoc committee to look into the issue.

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 subsections 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.”

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