FILE PHOTO: Members of the House of Representatives during plenary.
The Speaker of the House of Representatives, Femi Gbajabiamila, warned that the federal parliament would have no choice but to reconvene before the presidential and National Assembly elections on 25 February if the Central Bank of Nigeria (CBN) does not address the hardships Nigerians are experiencing because of the currency‑swap policy. He said the House will continue to monitor the CBN’s implementation of the policy following a meeting of the Green Chamber with CBN Governor Godwin Emefiele.
A statement issued on Sunday by Lanre Lasisi, Special Adviser to the Speaker on Media and Publicity, quoted Gbajabiamila making the remark at a town‑hall meeting with ethnic groups in Surulere, Lagos. The statement, titled “Currency Swap: We’ll Reconvene Before Elections If… – Gbajabiamila…says Tinubu Stands with Nigerians,” noted that Emefiele had finally appeared before the House on Tuesday to discuss the crisis caused by the redesign of naira notes and the exchange of old notes for new ones. Emefiele cited Section 20(3) of the CBN Act, which mandates the collection of old currency even after it loses legal tender status, and affirmed his support for the House’s position.
The House and Senate had adjourned plenary until 28 February to allow members to campaign for the upcoming elections. Gbajabiamila recalled that he was on the verge of signing a warrant for Emefiele’s arrest after the governor initially refused to appear before an ad hoc panel of the House. “The House intervened several times. We summoned the CBN governor, but he refused to answer our hard questions. It was only after I threatened a warrant of arrest that he appeared. I would have signed that warrant—it would have been the first time a CBN governor was arrested in the history of the National Assembly,” he said.
He added, “Many argue about the independence and autonomy of the CBN, but that does not place it above the law. The Constitution gives the House the power to issue an arrest warrant against anyone. We can summon anyone, and that is what we intended to do until the governor finally came.” Gbajabiamila emphasized that the House is closely monitoring the situation and will reconvene if necessary, even during the election period. “If nothing changes, we will intervene again. Rest assured, Asiwaju Bola Ahmed Tinubu stands with you and with Nigerians in their suffering. He was the first to shout about what is happening—he has cried, begged, and screamed that people are suffering,” he said.
Meanwhile, Deputy Director of Operations of the Tinubu‑Shettima presidential council, Adams Oshiomhole, accused Emefiele of being a controversial “element” in the Presidential Villa, allegedly working against the interests of the APC presidential candidate. Speaking on Channels TV’s “Politics on Sunday,” the former Edo State governor said, “I prefer to name names rather than speak in vague terms. The CBN governor cited his legal authority but did not claim he was acting under pressure. It appears his decision was ill‑conceived, ill‑thought‑out, and poorly timed, creating hardship.”
Oshiomhole further alleged that Emefiele had paid ₦100 million for the APC nomination form and that the president had directed all aspirants to resign. He recounted that when Emefiele visited the Villa for consultation, he was asked, “Have you been cleared?” and was told that big news would follow. “The only news we have heard is this change of currency. We have not heard why he did not proceed with his schedule. Some wonder whether Governor Emefiele, who bought his form, is aligned with us in the APC,” Oshiomhole concluded.
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