House committee rejects 10-day extension for Naira swap, threatens to arrest Emefiele

The House of Representatives Ad hoc Committee on new Naira re-design on Sunday rejected the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of the old banknotes with the new one.

The House leadership set up the committee on Tuesday to address challenges faced by Nigerians on the Naira swap and proffer solutions.

President Muhammadu Buhari had earlier on Sunday approved the extension of the deadline for withdrawal of the old N200, N500, and N1,000 notes from circulation to February 10.

The development has eased the pressure on Nigerians who daily thronged banks and Automated Teller Machine (ATM) outlets in a bid to meet the January 31 deadline announced by the CBN for the phase-out of the old Naira notes.

In a statement issued by its chairman, Alhassan Doguwa, the committee said the extension of the deadline for the Naira swap was a mere political gimmick to further deceive Nigerians and worsen their social and economic conditions.

READ ALSO: Naira redesign targets holders of illicit funds – Buhari

Doguwa, who is the House Majority Leader, insisted that the CBN Governor, Godwin Emefiele, must appear before the committee on Monday or risk arrest.

He described the redesign of the Naira notes as a threat to next month’s elections.

The statement read: “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-section 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 Ad hoc committee.”

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