The House of Representatives Ad Hoc Committee on new naira re-design and naira swap policy has stated that the 10-day extension by the Central Bank of Nigeria (CBN) is not the solution and a warrant will be issued to compel Godwin Emefiele to appear before them.
Emefiele in a statement on Sunday extended the deadline for the phasing out of the old N200, N500, and N1,000 notes from January 31, 2023, to February 10, 2023.
Reacting, the Ad Hoc Committee, chaired by the leader of the House, Alhassan Ado Doguwa, voiced its rejection of the extension, adding that CBN must comply with sections 20 sub 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 arrest warrant to compel the CBN Governor to appear before the ad hoc committee”, Doguwa said.
Speaking further he described the extension as a gimmick to continue deceiving Nigerians and worsen their economic and social situation.
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