The House of Representatives Committee reviewing the removal of obsolete currency notes from circulation has refused the Central Bank of Nigeria’s 10-day extension (CBN).
In a statement issued on Sunday, Ado Doguwa, Chairman of the Committee and Majority Leader of the House, refused the extension and insisted that CBN Governor Godwin Emefiele appear before the House.
He called the CBN’s extension a political ploy and demanded that Emefiele appear before the Committee or face arrest.
It should be noted that Mr Emefiele was invited twice by the House but refused both times.
“The 10-day extension for exchanging old naira notes is not the solution,” Doguwa remarked. We, as a legislative committee with a constitutional mandate from the House, would accept only clear compliance with Section 20 Subsections 3, 4, and 5 of the CBN Act.
“Nigeria as a developing economy and a budding democracy must respect the principle of the rule of law. And the House will proceed to sign an arrest warrant to compel the Governor of the Central Bank of Nigeria to appear before the ad hoc committee.”
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