The House of Representatives Ad-hoc Committee on New Naira Re-design and Naira Swap Policy has rejected the 10 days extension announced by the Central Bank of Nigeria (CBN) for the exchange of old naira notes.

The Chairman of the committee, Rep. Ado Doguwa (APC-Kano), in a statement on Sunday, insisted that the position of the law on currency swap must be upheld.

The CBN had fixed January 31, 2023, as the deadline for the exchange of the old naira notes of N200, N500 and N1,000 denominations.

The apex bank, however, announced a 10-day extension on Sunday as approved by President Muhammadu Buhari, given the calls by the parliament and Nigerians in general for more time.

Reacting to the extension, Doguwa rejected the new February 10 deadline, insisting that the 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.

“The House would go ahead to sign arrest warrant to compel the CBN Governor, Mr. Godwin Emefiele, to appear before the committee,” he said.

Doguwa 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.

He described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.

He also said that the policy is capable of frustrating the forthcoming general elections as security agencies pay allowance over the counter to operatives on duty.

Doguwa said that the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by Speaker on Monday. (NAN)