Home » House of reps reject CBN’s extension for old Naira notes

House of reps reject CBN’s extension for old Naira notes

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Godwin Emefiele

The ad hoc committee rejects CBN’s extension of the deadline for exchanging old Naira notes (N200, N500, and N1000).

CBN Governor Emefiele had announced an extension to Feb 10, with permission from President Buhari. Still, the House committee, led by Leader Ado Doguwa, insisted on compliance with CBN act sections 20 sub 3, 4, and 5.

The committee was formed on Tuesday to examine 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.

“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 continue until the demands of Nigerians are addressed within the law. He calls the CBN extension a political ploy to deceive and harm Nigerians’ economy and well-being.

He warns that the CBN governor must appear or face arrest by a legislative writ signed by the Speaker, Gbajabiamila.

Doguwa says the policy could disrupt the upcoming elections, as security agencies’ operations, especially at the state level, rely on cash advances and direct allowances for operatives during elections.

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