Reps’ Committee rejects CBN extension, says position of law sacrosanct

The House of Representatives’ Adhoc Committee on new naira re-design and naira swap policy has rejected the ten days extension granted by the Central Bank of Nigeria for the exchange of old naira notes.

The CBN had fixed January 31st as the deadline for the exchange of the old N200, N500 and N1000 naira notes.

The CBN governor, Godwin Emefiele on Sunday, said President Muhammadu Buhari gave permission for the deadline to be extended to February 10.

In a swift reaction, the Adhoc Committee, chaired by House leader, Alhassan Ado- Doguwa, rejected the extension, insisting that the CBN must comply with sections 20 sub 3, 4, and 5 of its Act.

Recall that the House, during its sitting last Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.

The committee said “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, will 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.

Alhassan Ado-Doguwa described the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood.

The House had given the CBN Governor, Godwin Emefiele, up to Tuesday to come before it or risk being compelled to do so through a warrant of arrest.

PRESIDENT BUHARI APPROVES 10 DAY EXTENSION OF CURRENCY SWAP DEADLINE

President Muhammadu Buhari has approved a 10-day extension of the deadline for the swapping of the old notes to the redesigned new currency.

The new deadline will now be the 10th of February 2023.

This is the outcome of a meeting between President Muhammadu Buhari and the Givernor of the Central Bank, Godwin Emefiele in Daura Katsina State.

After the meeting, the Governor of the Apex Bank disclosed to journalists that 75 percent of the N2.7 trillion held outside the banking system has been recovered and he said Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN Senior staff nationwide sensitization team exercise.

Emefiele revealed that President Buhari also approved another seven-day grace period, beginning on February 10 to February 17,2023, to enable Nigerians to deposit their old notes at the CBN after the February 10 deadline when the old currency would have lost its Legal Tender status.

Emefiele says the 7-day grace period, beginning on February 10 to February 17,2023, is in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN.

The Governor of the Apex Bank has been under intense pressure over his insistence on the January 31 deadline, he has also shunned several invitations and directives from the National Assembly to shift the deadline.

Also the Presidential Candidate of the All Progressives Congress had criticised the policy for inflicting hardship on Nigerians and called for an extension of the deadline.

The 10-day extension, may now calm frayed nerves and give more time for Nigerians to deposit their old currencies before it stops being a legal tender.

AREWA YOUTH GROUP CALLS FOR EMEFIELE’s SACK AS CBN GOVERNOR

Arewa Youth for Development and National Unity has called for immediate sack of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele over the Naira redesign policy.

According to them, Mr Emefiele’s insistence on the 31st January deadline for old Naira notes, has shown that he is a saboteur of the President Muhammadu’s government.

The group stated this while addressed pressmen at the Arewa house in Kaduna on Saturday.

Reactions have continued to trail the CBN Governor Naira design policy and his insistence on the 31 January deadline for the expiration of old Naira notes.

The latest from Northern Nigeria comes from the Arewa Youth for Development and National Unity who are now demanding for Me Emefiele’s immediate sack.

The group accuse the Central Bank Governor of politicizing the Naira redesign policy and working for opposition political parties at the detriment of the ruling government and Nigerian masses.

The haste and intransigence of Emefiele to stick to January 31st deadline, also comes under scrutiny.

They are concerned that, a large population of Nigerians, particularly in rural areas in the north will be broken by the policy which they consider harsh, unrealistic and unworkable.

They also frown at , Emefiele disregard for calls including the National Assembly and other elders to relax the deadline.

They say up till this weekend, most commercial banks are still dispensing the old notes, confirming their apprehension that the deadline is not feasible.

The group also laments difficulty faced by citizen in accessing the new currency notes.

They insist that unless sacked mr Emefiele’s policy has the capacity to bury the nation and subject more Nigerian to undue hardship.