Just in: Reps in standoff with Buhari, Emefiele over Feb.10 naira swap extension, threaten Emefiele

The extension of the old Naira notes swap until February 10 has been rejected by the Ad-hoc Committee on New Naira Re-Design and Naira Swap Policy of the House of Representatives.

It demanded that a ‘reasonable time’ for the swapping of notes should be provided by the Central Bank as against the 10-day extension.

The Committee said the House would be left with no other option than to go ahead and sign an arrest warrant to compel the CBN boss, Mr Godwin Emefiele, to summon him before the committee.

The Chairman of the Committee, Rep. Ado Doguwa (APC-Kano), said the CBN must comply with the law on currency swaps.

Persecondnews recalls that the CBN had set January 31, 2023, as the deadline for the swapping of old naira notes of N200, N500, and N1,000 denominations for new notes.

Following calls by well-meaning Nigerians and complaints about the scarcity of the new notes across the country, President Muhammadu Buhari had at the weekend approved the February 10 extension which was announced by the governor.

Reacting to the extension, Doguwa rejected the new February 10 deadline, insisting that the CBN must comply with Sections 20(b)(3), (4), and (5) of the CBN Act, which asks the bank to provide ‘reasonable time’ for the swapping of notes.

“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 from the house, would only accept clear compliance with Section 20 Subsections 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,” he said in a statement on Sunday, a copy of which was given to Persecondnews.

Still threatening the CBN Governor, the committee also said: “The House would go ahead and sign an arrest warrant to compel the CBN Governor, Mr Godwin Emefiele, to appear before the committee.

“The CBN governor must appear in court or face arrest, as legislative writs have been signed by the Speaker last week Monday.”

Doguwa said the committee would continue its work under his chairmanship until the demands of Nigerians were met in accordance with the laws of the land.

Describing the extension is a political gimmick, he said it was designed to deceive Nigerians and worsen their economic and social conditions.

“The policy has the potential to sabotage the upcoming general elections because security agencies pay operatives on duty over-the-counter allowances.”