Old naira deadline: House committee wants arrest of CBN governor

The House of Representatives Adhoc Committee on New Naira Re-design and Naira Swap Policy has rejected the Central Bank of Nigeria’s, CBN’s, 10-day extension of the deadline for exchanging old naira notes.

The CBN set January 31st as the deadline for exchanging old N200, N500, and N1000 notes.

The governor of the Central Bank of Nigeria, Godwin Emefiele, said on Sunday that President Muhammadu Buhari has granted permission for the deadline to be extended to February 10.

The ad hoc committee, chaired by Alhassan Ado Doguwa, rejected the extension immediately, insisting that the CBN comply with Section 20 subsections 3, 4, and 5 of the CBN Act.

furucinovel remembers that, in response to Nigerians’ uproar, the House of Representatives convened an ad hoc committee to investigate the matter on Tuesday.

“The 10-day extension for exchanging old naira notes is not the solution,” Doguwa remarked. We, as a House legislative committee with a constitutional responsibility, would accept only clear conformity with Section 20 subsections 3, 4, and 5 of the CBN Act.

” Nigeria, as a rising economy and a fledgling democracy, must adhere to the principle of the rule of law. And the House will issue an arrest warrant to compel the governor of the Central Bank of Nigeria to appear before the ad hoc committee.”

He stated that the committee would continue to work under his leadership until the expectations of Nigerians were met in conformity with the laws of the land.

Doguwa, who described the extension as a mere political ploy to deceive Nigerians and degrade their economic and social well-being, said the CBN governor must appear before the committee or face arrest on the ground of legislative writs signed by the Speaker on Monday.

He also stated that the policy had the potential to derail the upcoming general elections.

“Generally, security agencies and their operations, particularly at the state level, are supported by cash advances and straight table payments of allowances to operatives during elections,” he explained.