MAYOWA SAMUEL
The House of Representatives has rejected the decision to extend the naira swap deadline to February 10.
This came hours after the Governor of Central Bank of Nigeria, Godwin Emefiele on Sunday announced that President Muhammadu Buhari had approved the extension.
Rejecting the extension, the chairman of the adhoc committee mandated to interface with the apex bank and commercial banks on the naira chaos, Alhassan Doguwa, insisted that the CBN must comply with Sections 20 sub 3, 4, and 5 of the CBN Act.
The House, during its sitting on Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.
Doguwa, in a statement he personally signed on Sunday, said that “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 adhoc committee.”
He said 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 wellbeing, Doguwa said the CBN Governor must appear before the House or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.
He also said the policy is capable of frustrating the forthcoming general elections.
“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,” he added.
