Naira Swap: House Of Representatives Rejects 10-Day Extension, Demands Longer Period

By Ayodele Oni

The House of Representatives has reacted to the 10 days extension granted the Naira Swap by the Central Bank of Nigeria, (CBN).

Following change in the design of N200, N500 and N1,000 denominations, the CBN gave a deadline of Tuesday, January 31, 2023, which was on Sunday, January 29, extended to February 11, 2023.

Hours after the Governor of CBN, Godwin Emefiele, announced that President Muhammadu Buhari  approved extension of 10 days as deadline, the House of Representatives rejected the extension.

The CBN Governor on Sunday said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.

But, in a swift reaction, the Adhoc Committee, of the House, chaired by the leader of the House, Alhassan Ado Doguwa, rejected the deadline, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

Doguwa, in a statement, 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 livelihood, 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 State levels,  are generally funded through cash advances and direct table payments of allowances to operatives during elections.”