The House of Representatives Ad hoc Committee on the new naira redesign and naira swap policy has introduced a new dimension to the ongoing controversy regarding the deadline for the validity of old naira notes. The committee has rejected the ten-day extension granted by the Central Bank of Nigeria (CBN) for the exchange of these notes, labeling the extension as a mere political gimmick intended to further deceive Nigerians and exacerbate their economic and social conditions.
Initially, the CBN had set January 31 as the deadline for exchanging the old N200, N500, and N1000 naira notes. However, CBN Governor Godwin Emefiele announced on Sunday that President Muhammadu Buhari had approved an extension until February 10. In response, the Ad hoc Committee, chaired by the Majority Leader of the House of Representatives, Alhassan Doguwa, issued a statement in Abuja rejecting this extension. The committee emphasized that the CBN must adhere to Sections 20, Subsections 3, 4, and 5 of the CBN Act.
Following public outcry, the Lower House formed the Ad hoc Committee during its session last Tuesday to investigate the matter. Doguwa stated, “The ten-day extension for the exchange of the old naira notes is not the solution. As a legislative committee with a constitutional mandate, we will only accept clear compliance with Section 20, Subsections 3, 4, and 5 of the CBN Act and nothing more.” He underscored the importance of upholding the rule of law in Nigeria, a developing economy and nascent democracy. Doguwa also indicated that the committee would pursue its work until the demands of Nigerians are addressed in accordance with the law.
Describing the extension as a tactic to mislead the public and worsen their economic situation, Doguwa warned that the CBN Governor must appear before the House or face potential arrest through legislative writs that the Speaker would sign on Monday. He further expressed concerns that the policy could hinder the upcoming general elections, noting that security agencies and their operations, particularly at the state level, rely heavily on cash advances and direct payments to operatives during elections.
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