‘Not the solution’ — reps committee rejects CBN deadline extension on old naira notes

A house of representatives ad hoc committee has rejected the deadline extension for the validity of the old naira notes.

The Central Bank of Nigeria (CBN) had earlier fixed January 31 as the deadline for depositing the old N200, N500, and N1000 notes.

But on Sunday, Godwin Emefiele, CBN governor, announced that President Muhammadu Buhari has given his permission for the deadline to be extended till February 10.

In a statement on Sunday, Alhassan Doguwa, chairperson of the ad hoc committee on new naira redesign and naira swap policy, said the Central Bank of Nigeria (CBN) must “follow the law”.

“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,” Doguwa said.

“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 ad hoc committee.”

In the statement, Doguwa was said to have described the extension as a “mere political gimmick to further deceive Nigerians”, adding that the CBN governor must appear before the committee as requested.

“Security agencies and their operations, especially at the state level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he added.

Meanwhile, a house of representatives ad hoc committee has recommended to Femi Gbajabiamila to issue a warrant of arrest against Emefiele for ignoring its summons over the naira redesign policy.