Reps reject extension, threaten to arrest Emefiele in Naira swap

The debate over the expiration date for old notes has taken a fresh turn when the House of Representatives Ad hoc Committee on new naira re-design and naira swap policy rejected the Central Bank of Nigeria’s 10-day extension for the exchange.

According to the committee, the extension is only a political ruse designed to further mislead Nigerians and worsen their economic and social conditions.

MOUTHPIECE NGR, earlier report the CBN had previously set January 31 as the deadline for exchanging obsolete N200, N500, and N1000 notes.

However, on Sunday, CBN Governor Godwin Emefiele claimed that President Major General Muhammadu Buhari (r.) has authorized the deadline extension to February 10.

The 10-day delay for exchanging the old naira notes is not the answer, according to Doguwa. Only the clear compliance with Section 20 Subsections 3, 4, and 5 of the CBN Act will be accepted by us as a legislative committee with a constitutional mandate from the House.

Nigeria must uphold the concept of the rule of law as a burgeoning economy and budding democracy. To compel the CBN Governor to appear before the Ad Hoc committee, the House would then go ahead and sign an arrest warrant.

He stated that the committee would continue working under his leadership until the needs of Nigerians were met in conformity with the law.

The extension, according to Doguwa, is merely a political ploy to further mislead Nigerians and worsen their economic and social well-being. The CBN governor must appear before the House or run the risk of being detained under the authority of legislative writs that the Speaker will sign on Monday.

He added that the approach had the potential to scuttle the upcoming general election.

“Cash advances and direct table payments of allowances to operatives during elections are normally how security agencies and their operations, especially at the state level, are supported,” he said.