The House of Representatives has reportedly rejected the extension of the deadline of exchange of the old currency with the new naira notes by 10 days, despite the approval coming from President Muhammadu Buhari.
Recall, the Central Bank of Nigeria (CBN) fixed January 31 as the deadline for the swapping of old naira currencies to the new redesigned notes.
With the outcry and complaints of Nigerians on the unavailability of the new naira notes and the deadline drawing close, so many Nigerians called on the intervention of President Muhammadu Buhari on the case.
Bowing to pressure, the CBN Governor, Godwin Emiefele on Sunday, January 29, 2023, announced that President Buhari has given permission for the deadline to be extended to February 10.
Reacting to the new development, the Ad Hoc Committee in the leadership of Alhassan Ado Doguwa, rejected the extension, stating that CBN needs to comply with the Sections 20 sub 3, 4 and 5 of the CBN Act.
According to Doguwa in his statement said that the 10-day extension, which was approved by Buhari for the exchange of the old naira notes is not the solution.
The statement partly reads, “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.
He noted that “Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law.
He added that the CBN governor must appear before the House of Rep or “The House would go ahead to sign arrest warrant, which will compel Emefiele to appear before the ad hoc committee.”
However, Doguwa promised that the committee under his chairmanship, would continue its work until the demand of Nigerians are addressed, which will be in accordance with the laws of the land.
He said that the extension by the Apex bank is to further deceive the citizens and worsen their economic and social well being, stating that the policy is capable of frustrating the 2023 general elections.