Reps Committee Disapproves of the Naira Swap Extension and Threatens to Arrest Emefiele

Alhassan Ado Doguwa, a legislator, claims that the new naira redesign policy has the potential to scuttle the upcoming general elections in 2023.

The 10 day extension offered by the Central Bank of Nigeria (CBN) for the exchange of the outdated N200, N500, and N1,000 banknotes has been rejected by the House of Representatives Adhoc Committee on the redesign of three naira notes.

Alhassan Ado Doguwa, the majority leader of the house and chairman of the committee, said in a statement on Sunday that the green chamber will move forward and issue an arrest warrant to compel CBN Governor Godwin Emefiele to appear before the committee.

He asserts that the new naira redesign policy has the potential to scuttle the upcoming general elections in 2023.

The CBN had already stated its intention to redesign the three currencies on October 26, 2022. On November 23, 2022, President Muhammadu Buhari revealed the revised N200, N500, and N1,000 notes; the apex bank set a deadline for the old notes’ validity of January 31.

Additionally, the CBN set weekly cash withdrawal caps of N500,000 for private persons and N5,000,000 for corporate businesses.

As the deadline of January 31 drew near, many Nigerians bemoaned the lack of new notes while the National Assembly asked a six-month delay.

But during a meeting with the President on Sunday, the head of the top bank claimed that Buhari had approved the deadline’s extension to February 10.

The House of Representatives committee led by Doguwa immediately responded by rejecting the extension and said that the CBN must adhere to Sections 20 Subsections 3, 4, and 5 of the CBN Act.

The congressman stated, “We as a legislative committee with a constitutional responsibility of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more. The 10-day extension for the exchange of the old naira notes is not the solution.

“Nigeria must uphold the rule of law as a burgeoning economy and budding democracy. In order to force the CBN Governor to appear before the ad hoc committee, the House would next proceed to sign an arrest warrant.

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According to Doguwa, who is the committee’s chairman, the group would keep working until the needs of Nigerians are met in compliance with the law.

He asserted that the CBN governor must come before or risk being detained on the basis of legislative writs earlier signed by Speaker Femi Gbajabiamila, describing the extension as only a political ploy to further mislead Nigerians and harm their economic and social well-being.

He added that the upcoming general elections could be hampered by the policy.
“Cash advances and direct table payments of allowances to operatives during elections are normally how security agencies and their operations, especially at the state level, are supported,” he said.

Reps Committee Disapproves of the Naira Swap Extension and Threatens to Arrest Emefiele

Alhassan Ado Doguwa, a legislator, claims that the new naira redesign policy has the potential to scuttle the upcoming general elections in 2023.

The 10 day extension offered by the Central Bank of Nigeria (CBN) for the exchange of the outdated N200, N500, and N1,000 banknotes has been rejected by the House of Representatives Adhoc Committee on the redesign of three naira notes.

Alhassan Ado Doguwa, the majority leader of the house and chairman of the committee, said in a statement on Sunday that the green chamber will move forward and issue an arrest warrant to compel CBN Governor Godwin Emefiele to appear before the committee.

He asserts that the new naira redesign policy has the potential to scuttle the upcoming general elections in 2023.

The CBN had already stated its intention to redesign the three currencies on October 26, 2022. On November 23, 2022, President Muhammadu Buhari revealed the revised N200, N500, and N1,000 notes; the apex bank set a deadline for the old notes’ validity of January 31.

Additionally, the CBN set weekly cash withdrawal caps of N500,000 for private persons and N5,000,000 for corporate businesses.

As the deadline of January 31 drew near, many Nigerians bemoaned the lack of new notes while the National Assembly asked a six-month delay.

But during a meeting with the President on Sunday, the head of the top bank claimed that Buhari had approved the deadline’s extension to February 10.

The House of Representatives committee led by Doguwa immediately responded by rejecting the extension and said that the CBN must adhere to Sections 20 Subsections 3, 4, and 5 of the CBN Act.

The congressman stated, “We as a legislative committee with a constitutional responsibility of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more. The 10-day extension for the exchange of the old naira notes is not the solution.

“Nigeria must uphold the rule of law as a burgeoning economy and budding democracy. In order to force the CBN Governor to appear before the ad hoc committee, the House would next proceed to sign an arrest warrant.

According to Doguwa, who is the committee’s chairman, the group would keep working until the needs of Nigerians are met in compliance with the law.

He asserted that the CBN governor must come before or risk being detained on the basis of legislative writs earlier signed by Speaker Femi Gbajabiamila, describing the extension as only a political ploy to further mislead Nigerians and harm their economic and social well-being.

He added that the upcoming general elections could be hampered by the policy.
“Cash advances and direct table payments of allowances to operatives during elections are normally how security agencies and their operations, especially at the state level, are supported,” he said.