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Reps reject CBN’s naira swap extension

The House of Representatives Adhoc Committee on new naira re-design and naira swap policy has rejected the ten days extension granted by the Central Bank of Nigeria (CBN) for the exchange of old naira notes.

In a statement, the chairman of the Adhoc Committee and leader of the house Alhassan Ado-Doguwa, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

Doguwa said 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.” he noted.

“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 Adhoc committee.”he stated.

Doguwa maintained under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

He explained that the policy is capable of frustrating the forthcoming general elections.

According to him, Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections.

However, the Minority Caucus in the House of Representatives has applauded the Central Bank of Nigeria (CBN) for listening to Nigerians and extending the deadline for swapping of the old naira notes for new ones by 10 days.

In a statement, the caucus sad the 10 days extension of the deadline from January 31, 2023 to February 10, 2023 is a welcome decision to ease the suffering of many Nigerians in accessing the new naira notes within the earlier stipulated deadline.

The caucus also called on Nigerians not to rest on their oars but to take maximum advantage of the 10 days extension to swap their old naira notes for the new ones

It urged the apex bank to remain focused and intensify its sensitization efforts while putting every measure in place to assist Nigerians, especially those in the rural areas, to access the new naira notes.

Writing by Ibrahim Shehu; Editing by Chinasa Ossai & Adeniyi Bakare