Nigerian lawmakers refuse to extend the deadline for obsolete naira notes by 10 days

 Despite President Muhammadu Buhari's consent, the Nigerian House of Representatives rejected the move to extend the naira swap deadline by 10 days.

 

Remember that on Sunday, CBN Governor Godwin Emefiele claimed that President Buhari had authorized the extension of the deadline to February 10.

 However, in a prompt response, Alhassan Doguwa, the head of the ad hoc committee tasked with liaising with the CBN bank and commercial banks over the currency turmoil, refused the extension and insisted that the CBN must adhere to Sections 20 sub 3, 4, and 5 of the CBN Act.

 The House established the ad hoc committee to investigate the situation during its meeting on Tuesday in response to Nigerians' concerns.

 

"The 10-day extension for the exchange of the old naira notes is not the solution," Doguwa declared in a statement he personally signed on Sunday. "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 must uphold the rule of law as a burgeoning economy and budding democracy. The House would then approve an arrest warrant to compel the governor of the Central Bank of Nigeria to appear before the special committee.

 

According to him, as chairman, the committee would keep working until the needs of Nigerians were met in compliance with the law.

 

The extension, according to Doguwa, is only a political ploy to further mislead Nigerians and degrade their economic and social well-being. The governor of the CBN must appear before the house or risk being detained on the basis of legislative writs signed by the Speaker on Monday, Doguwa said.

 

He added that the upcoming general elections could be hampered by the policy.

 

“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he added.