Naira Swap: “10-day extension is not the solution” – Reps to CBN

House Ad-hoc Committee on Naira Re-design and Naira Swap policy say lawmakers would only accept clear compliance with Section 20 sub 3, 4, and 5 of the CBN Act and nothing more
adminJanuary 30, 20234 min

House Adhoc Committee on Naira Redesign and Naira Swap Policy say lawmakers would only accept clear compliance with Section 20 sub 3, 4, and 5 of the CBN Act and nothing more.

Insists CBN Governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker this Monday.

Reps


The House Adhoc Committee on Naira Redesign and Naira Swap Policy has rejected the ten-day extension granted to citizens by the Central Bank of Nigeria (CBN) for a swap of old naira notes.

Following pressure from citizens across the country on possible vapourisation of their legitimately-earned wealth, the CBN on Sunday announced an extension of the deadline for Nigerians to swap their old naira notes in the denomination of N200, N500 and N1000 for the redesigned notes from January 31, 2023, to February 10 2023.

According to the CBN governor, Godwin Emefiele, after conferring with President Muhammadu Buhari in Daura, Katsina, the president gave permission for the deadline to be extended.

Emefiele further revealed in an interview with journalists that the President approved another seven-day grace period, beginning on February 10 to February 17, 2023, to enable Nigerians to deposit their old notes at the CBN after the February 10 deadline when the old currency would have lost its Legal Tender status. He explained that the seven-day grace period, beginning on February 10 to February 17, 2023, is in compliance with Sections 20(3) and 22 of the CBN Act, allowing Nigerians to deposit their old notes at the CBN.

 

 

 

 

In a swift reaction, the House Adhoc Committee chaired by the House Majority Leader, Rep. Alhassan Ado-Doguwa, rejected the extension, insisting that the CBN must comply with Section 20 sub-sections 3, 4, and 5 of the CBN Act. 

“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 an arrest warrant to compel the CBN Governor to appear before the Adhoc Committee,” Doguwa said.

 

 

READ ALSO: Banks shun meeting with Reps on Withdrawal of Old Naira Notes

 

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, the Kano lawmaker said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

Doguwa said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land. He also said the policy is capable of frustrating the forthcoming general elections.

“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 said.


The House of Representatives had during its sitting on Tuesday, constituted the Adhoc Committee to look into the issue following the outcry by Nigerians.

 

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