Naira swap extension: House of Reps committee threatens to arrest Emefiele

CBN Governor, Godwin Emefiele (Credit: Businessday)

The House of Representatives Adhoc Committee on the redesign of three naira notes has announced displeasure over the 10 days extension granted by the Central Bank of Nigeria (CBN) for the swap of old Naira notes.

In a statement released on Sunday, January 29, the Chairman of the Committee and the Majority Leader of the House, Alhassan Ado Doguwa, said the lawmakers will sign an arrest warrant to compel the CBN Governor, Godwin Emefiele to appear before the committee.

For the past few weeks, Nigerians have complained about inability to access the newly redesigned notes, as the January 31st deadline for exchange of the old Naira notes drew closer.

Considering the series of complains from Nigerians, the CBN governor, Godwin Emefiele, in a statement released on Sunday, January 29, announced that the deadline had been extended to February 10.

In reaction to the latest development, the House of Representatives committee chaired by Doguwa rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN Act.

Doguwa also described the extension as a political ploy to deceive Nigerians and worsen the economic and social livelihood of the people, stating that the new naira redesign policy is capable of frustrating the forthcoming 2023 general elections. He insisted that the CBN governor must appear before the committee or stand the risk of being arrested on the strength of legislative order signed earlier by Speaker Femi Gbajabiamila.

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